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Life Insurance in Australia, Key Trends and Opportunities to 2020

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Date: 14-Apr-2016
No. of pages: 154
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Synopsis

Timetric's 'Life Insurance in Australia, Key Trends and Opportunities to 2020' report provides detailed analysis of the market trends, drivers and challenges in the Australian life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2015) and over the forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Australian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Life Insurance in Australia, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Australian life insurance segment, including:


  • The Australian life insurance segment's growth prospects by life insurance category

  • Key trends, drivers and challenges for the life insurance segment

  • A comprehensive overview of the Australian economy and demographics

  • The various distribution channels in the Australian life insurance segment

  • Details of the competitive landscape in the life insurance segment in Australia

  • Details of regulatory policy applicable to the Australian insurance industry


Scope

This report provides a comprehensive analysis of the life insurance segment in Australia:


  • It provides historical values for the Australian life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

  • It offers a detailed analysis of the key categories in the Australian life insurance segment, and market forecasts to 2020.

  • It analyzes the various distribution channels for life insurance products in Australia.

  • It profiles the top life insurance companies in Australia and outlines the key regulations affecting them.


Reasons To Buy


  • Make strategic business decisions using in-depth historic and forecast market data related to the Australian life insurance segment, and each category within it.

  • Understand the demand-side dynamics, key market trends and growth opportunities in the Australian life insurance segment.

  • Assess the competitive dynamics in the life insurance segment.

  • Identify growth opportunities and market dynamics in key product categories.

  • Gain insights into key regulations governing the Australian insurance industry, and their impact on companies and the industry's future.


Key Highlights


  • Life insurance was the largest segment in the Australian insurance industry in 2015, accounting for 51.5% of the gross written premium.

  • Australia's insurance industry needs more skilled workers, as a result of a lack of concentration on and investment in attracting graduates and entry-level staff.

  • The improved profitability in 2015 is a positive sign for Australian life insurers, who endured a challenging environment during the 2007-2008 financial crisis.

  • In the 2015-2016 Federal Budget, the government proposed changes to Australia's Age Pension Reform Bill.

  • Australia's life segment is concentrated, with the 10 leading insurers accounting for 91.9% of the net revenue in 2015.

Life Insurance in Australia, Key Trends and Opportunities to 2020

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Life Insurance Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Life Insurance Growth Prospects by Category
4.5 Individual Life Insurance
4.5.1 Individual whole life insurance
4.5.2 Individual general annuity insurance
4.5.3 Individual pension insurance
4.5.4 Individual term life insurance
4.5.5 Other individual life insurance
4.6 Group Life Insurance
4.6.1 Group whole life insurance
4.6.2 Group superannuation insurance
4.7 Life Insurance Growth Prospects by Product Type
4.7.1 Individual single-premium insurance
4.7.2 Individual non-single-premium insurance
4.7.3 Group single-premium insurance
4.7.4 Group non-single-premium insurance
4.7.5 Total linked insurance business
4.7.6 Total non-linked insurance business

5 Analysis by Distribution Channel

6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Australian Life Insurance Segment
6.2.1 MLC Ltd - company overview
6.2.2 The Colonial Mutual Life Assurance Society Ltd - company overview
6.2.3 TAL Life Ltd - company overview
6.2.4 AMP Life Ltd - company overview
6.2.5 OnePath Life Ltd - company overview
6.2.6 AIA Australia Ltd - company overview
6.2.7 National Mutual Life Association of Australasia Ltd - company overview
6.2.8 Westpac Life Insurance Services Ltd - company overview
6.2.9 MetLife Insurance Ltd - company overview
6.2.10 Suncorp Life & Superannuation Ltd - company overview

7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulations
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Aircraft passenger liability insurance
7.4.2 Motor third-party liability (MTPL) insurance regulations
7.4.3 Workmen's compensation insurance
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors (IAIS)
7.5.2 Australian Prudential Regulation Authority
7.5.3 Australian Securities and Investment Commission
7.5.4 Financial Services Council (FSC)
7.5.5 Insurance Council of Australia
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Types of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution (ADR)

8 Definitions and Methodology
8.1 Definitions
8.2 Methodology

9 About Timetric
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables

Table 1: Australian Life Insurance - Key Facts, 2015
Table 2: Australian Government Credit Ratings
Table 3: Australian Life Insurance - Gross Written Premium by Category (AUD Billion), 2011-2015
Table 4: Australian Life Insurance - Gross Written Premium by Category (US$ Billion), 2011-2015
Table 5: Australian Life Insurance - Gross Written Premium by Category (AUD Billion), 2015-2020
Table 6: Australian Life Insurance - Gross Written Premium by Category (US$ Billion), 2015-2020
Table 7: Australian Life Insurance - New Business Direct Written Premium (AUD Billion), 2011-2015
Table 8: Australian Life Insurance - New Business Direct Written Premium (AUD Billion), 2015-2020
Table 9: Australian Life Insurance - Paid Claims (AUD Billion), 2011-2015
Table 10: Australian Life Insurance - Paid Claims (AUD Billion), 2015-2020
Table 11: Australian Life Insurance - Commissions and Expenses (AUD Billion), 2011-2015
Table 12: Australian Life Insurance - Commissions and Expenses (AUD Billion), 2015-2020
Table 13: Australian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2011-2015
Table 14: Australian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2015-2020
Table 15: Australian Life Insurance - Renewal Business Direct Written Premium (AUD Billion), 2011-2015
Table 16: Australian Life Insurance - Renewal Business Direct Written Premium (AUD Billion), 2015-2020
Table 17: Australian Life Insurance - Total Assets (AUD Billion), 2011-2015
Table 18: Australian Life Insurance - Total Assets (AUD Billion), 2015-2020
Table 19: Australian Life Insurance - Total Investment Income (AUD Billion), 2011-2015
Table 20: Australian Life Insurance - Total Investment Income (AUD Billion), 2015-2020
Table 21: Australian Life Insurance - Net Written Premium (AUD Billion), 2011-2015
Table 22: Australian Life Insurance - Net Written Premium (AUD Billion), 2015-2020
Table 23: Australian Individual Life Insurance - Gross Written Premium by Category (AUD Billion), 2011-2015
Table 24: Australian Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2011-2015
Table 25: Australian Individual Life Insurance - Gross Written Premium by Category (AUD Billion), 2015-2020
Table 26: Australian Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2015-2020
Table 27: Australian Individual Life Insurance - Direct Written Premium by Category (AUD Billion), 2011-2015
Table 28: Australian Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2011-2015
Table 29: Australian Individual Life Insurance - Direct Written Premium by Category (AUD Billion), 2015-2020
Table 30: Australian Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2015-2020
Table 31: Australian Individual Whole Life Insurance - Direct Written Premium (AUD Billion), 2011-2015
Table 32: Australian Individual Whole Life Insurance - Direct Written Premium (AUD Billion), 2015-2020
Table 33: Australian Individual General Annuity Insurance - Direct Written Premium (AUD Billion), 2011-2015
Table 34: Australian Individual General Annuity Insurance - Direct Written Premium (AUD Billion), 2015-2020
Table 35: Australian Individual Pension Insurance - Direct Written Premium (AUD Billion), 2011-2015
Table 36: Australian Individual Pension Insurance - Direct Written Premium (AUD Billion), 2015-2020
Table 37: Australian Individual Term Life Insurance - Direct Written Premium (AUD Billion), 2011-2015
Table 38: Australian Individual Term Life Insurance - Direct Written Premium (AUD Billion), 2015-2020
Table 39: Australian Other Individual Life Insurance - Direct Written Premium (AUD Billion), 2011-2015
Table 40: Australian Other Individual Life Insurance - Direct Written Premium (AUD Billion), 2015-2020
Table 41: Australian Group Life Insurance - Gross Written Premium by Category (AUD Billion), 2011-2015
Table 42: Australian Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2011-2015
Table 43: Australian Group Life Insurance - Gross Written Premium by Category (AUD Billion), 2015-2020
Table 44: Australian Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2015-2020
Table 45: Australian Group Life Insurance - Direct Written Premium by Category (AUD Billion), 2011-2015
Table 46: Australian Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2011-2015
Table 47: Australian Group Life Insurance - Direct Written Premium by Category (AUD Billion), 2015-2020
Table 48: Australian Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2015-2020
Table 49: Australian Group Whole Life Insurance - Direct Written Premium (AUD Billion), 2011-2015
Table 50: Australian Group Whole Life Insurance - Direct Written Premium (AUD Billion), 2015-2020
Table 51: Australian Group Superannuation Insurance - Direct Written Premium (AUD Billion), 2011-2015
Table 52: Australian Group Superannuation Insurance - Direct Written Premium (AUD Billion), 2015-2020
Table 53: Australian Individual Single-Premium Insurance - Gross Written Premium (AUD Billion), 2011-2015
Table 54: Australian Individual Single-Premium Insurance - Gross Written Premium (AUD Billion), 2015-2020
Table 55: Australian Individual Single-Premium Insurance - Direct Written Premium (AUD Billion), 2011-2015
Table 56: Australian Individual Single-Premium Insurance - Direct Written Premium (AUD Billion), 2015-2020
Table 57: Australian Individual Non-Single-Premium Insurance - Gross Written Premium (AUD Billion), 2011-2015
Table 58: Australian Individual Non-Single-Premium Insurance - Gross Written Premium (AUD Billion), 2015-2020
Table 59: Australian Individual Non-Single-Premium Insurance - Direct Written Premium (AUD Billion), 2011-2015
Table 60: Australian Individual Non-Single-Premium Insurance - Direct Written Premium (AUD Billion), 2015-2020
Table 61: Australian Group Single-Premium Insurance - Gross Written Premium (AUD Billion), 2011-2015
Table 62: Australian Group Single-Premium Insurance - Gross Written Premium (AUD Billion), 2015-2020
Table 63: Australian Group Single-Premium Insurance - Direct Written Premium (AUD Billion), 2011-2015
Table 64: Australian Group Single-Premium Insurance - Direct Written Premium (AUD Billion), 2015-2020
Table 65: Australian Group Non-Single-Premium Insurance - Gross Written Premium (AUD Billion), 2011-2015
Table 66: Australian Group Non-Single-Premium Insurance - Gross Written Premium (AUD Billion), 2015-2020
Table 67: Australian Group Non-Single-Premium Insurance - Direct Written Premium (AUD Billion), 2011-2015
Table 68: Australian Group Non-Single-Premium Insurance - Direct Written Premium (AUD Billion), 2015-2020
Table 69: Australian Linked Insurance Business - Gross Written Premium (AUD Billion), 2011-2015
Table 70: Australian Linked Insurance Business - Gross Written Premium (AUD Billion), 2015-2020
Table 71: Australian Linked Insurance Business - Direct Written Premium (AUD Billion), 2011-2015
Table 72: Australian Linked Insurance Business - Direct Written Premium (AUD Billion), 2015-2020
Table 73: Australian Non-Linked Insurance Business - Gross Written Premium (AUD Billion), 2011-2015
Table 74: Australian Non-Linked Insurance Business - Gross Written Premium (AUD Billion), 2015-2020
Table 75: Australian Non-Linked Insurance Business - Direct Written Premium (AUD Billion), 2011-2015
Table 76: Australian Non-Linked Insurance Business - Direct Written Premium (AUD Billion), 2015-2020
Table 77: Australian Life Insurance - Segment Shares (%), 2015
Table 78: MLC Ltd - Key Facts
Table 79: The Colonial Mutual Life Assurance Society Ltd - Key Facts
Table 80: TAL Life Ltd - Key Facts
Table 81: AMP Life Ltd - Key Facts
Table 82: OnePath Life Ltd - Key Facts
Table 83: AIA Australia Ltd - Key Facts
Table 84: National Mutual Life Association of Australasia Ltd - Key Facts
Table 85: Westpac Life Insurance Services Ltd - Key Facts
Table 86: MetLife Insurance Ltd - Key Facts
Table 87: Suncorp Life & Superannuation Ltd - Key Facts
Table 88: Australia - Insurance Regulatory Framework Key Features
Table 89: Australia - Life Insurance Regulatory Framework
Table 90: Australia - Property Insurance Regulatory Framework
Table 91: Australia - Motor Insurance Regulatory Framework
Table 92: Australia - Liability Insurance Regulatory Framework
Table 93: Australia - Corporate Tax Rates for the Financial Year 2016
Table 94: Insurance Industry Definitions

List of Figures

Figure 1: Australian Real GDP, 2011-2020
Figure 2: Australian AUD-US$ Exchange Rate, 2011-2020
Figure 3: Australian Consumer Price Inflation, 2011-2020
Figure 4: Australian Current Account Balance (% of GDP), 2011-2020
Figure 5: Australian Unemployment Rate, 2011-2020
Figure 6: Australian Population by Age Group, 1990-2025
Figure 7: Australian Life Insurance - Gross Written Premium by Category (AUD Billion), 2011-2020
Figure 8: Australian Life Insurance - Gross Written Premium by Category (Percentage Share), 2015 and 2020
Figure 9: Australian Life Insurance - Gross Written Premium Dynamics by Segment (2011-2020)
Figure 10: Australian Life Insurance - New Business Direct Written Premium (AUD Billion), 2011-2015
Figure 11: Australian Life Insurance - New Business Direct Written Premium (AUD Billion), 2015-2020
Figure 12: Australian Life Insurance - Paid Claims (AUD Billion), 2011-2015
Figure 13: Australian Life Insurance - Paid Claims (AUD Billion), 2015-2020
Figure 14: Australian Life Insurance - Commissions and Expenses (AUD Billion), 2011-2015
Figure 15: Australian Life Insurance - Commissions and Expenses (AUD Billion), 2015-2020
Figure 16: Australian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2011-2015
Figure 17: Australian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2015-2020
Figure 18: Australian Life Insurance - Renewal Business Direct Written Premium (AUD Billion), 2011-2015
Figure 19: Australian Life Insurance - Renewal Business Direct Written Premium (AUD Billion), 2015-2020
Figure 20: Australian Life Insurance - Total Assets (AUD Billion), 2011-2015
Figure 21: Australian Life Insurance - Total Assets (AUD Billion), 2015-2020
Figure 22: Australian Life Insurance - Total Investment Income (AUD Billion), 2011-2015
Figure 23: Australian Life Insurance - Total Investment Income (AUD Billion), 2015-2020
Figure 24: Australian Life Insurance - Net Written Premium (AUD Billion), 2011-2015
Figure 25: Australian Life Insurance - Net Written Premium (AUD Billion), 2015-2020
Figure 26: Australian Life Insurance - Investment Portfolio (AUD Billion), 2011-2015
Figure 27: Australian Life Insurance - Investment Portfolio, 2011 and 2015
Figure 28: Australian Life Insurance - Penetration (%), 2011-2015
Figure 29: Australian Life Insurance - Direct Premium per Capita (AUD), 2011-2015
Figure 30: Australian Life Insurance - Total Investments (AUD Billion), 2011-2015
Figure 31: Australian Individual Life Insurance - Gross Written Premium by Category (AUD Billion), 2011-2020
Figure 32: Australian Individual Life Insurance - Gross Written Premium by Category (Percentage Share), 2015 and 2020
Figure 33: Australian Individual Life Insurance - Gross Written Premium Dynamics by Category, 2011-2020
Figure 34: Australian Individual Life Insurance - Direct Written Premium by Category (AUD Billion), 2011-2020
Figure 35: Australian Individual Life Insurance - Direct Written Premium by Category (Percentage Share), 2015 and 2020
Figure 36: Australian Individual Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 37: Australian Individual Whole Life Insurance - Direct Written Premium (AUD Billion), 2011-2015
Figure 38: Australian Individual Whole Life Insurance - Direct Written Premium (AUD Billion), 2015-2020
Figure 39: Australian Individual General Annuity Insurance - Direct Written Premium (AUD Billion), 2011-2015
Figure 40: Australian Individual General Annuity Insurance - Direct Written Premium (AUD Billion), 2015-2020
Figure 41: Australian Individual Pension Insurance - Direct Written Premium (AUD Billion), 2011-2015
Figure 42: Australian Individual Pension Insurance - Direct Written Premium (AUD Billion), 2015-2020
Figure 43: Australian Individual Term Life Insurance - Direct Written Premium (AUD Billion), 2011-2015
Figure 44: Australian Individual Term Life Insurance - Direct Written Premium (AUD Billion), 2015-2020
Figure 45: Australian Other Individual Life Insurance - Direct Written Premium (AUD Billion), 2011-2015
Figure 46: Australian Other Individual Life Insurance - Direct Written Premium (AUD Billion), 2015-2020
Figure 47: Australian Group Life Insurance - Gross Written Premium by Category (AUD Billion), 2011-2020
Figure 48: Australian Group Life Insurance - Gross Written Premium by Category (Percentage Share), 2015 and 2020
Figure 49: Australian Group Life Insurance - Gross Written Premium Dynamics by Category, 2011-2020
Figure 50: Australian Group Life Insurance - Direct Written Premium by Category (AUD Billion), 2011-2020
Figure 51: Australian Group Life Insurance - Direct Written Premium by Category (Percentage Share), 2015 and 2020
Figure 52: Australian Group Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 53: Australian Group Whole Life Insurance - Direct Written Premium (AUD Billion), 2011-2015
Figure 54: Australian Group Whole Life Insurance - Direct Written Premium (AUD Billion), 2015-2020
Figure 55: Australian Group Superannuation Insurance - Direct Written Premium (AUD Billion), 2011-2015
Figure 56: Australian Group Superannuation Insurance - Direct Written Premium (AUD Billion), 2015-2020
Figure 57: Australian Individual Single-Premium Insurance - Gross Written Premium (AUD Billion), 2011-2015
Figure 58: Australian Individual Single-Premium Insurance - Gross Written Premium (AUD Billion), 2015-2020
Figure 59: Australian Individual Single-Premium Insurance - Direct Written Premium (AUD Billion), 2011-2015
Figure 60: Australian Individual Single-Premium Insurance - Direct Written Premium (AUD Billion), 2015-2020
Figure 61: Australian Individual Non-Single-Premium Insurance - Gross Written Premium (AUD Billion), 2011-2015
Figure 62: Australian Individual Non-Single-Premium Insurance - Gross Written Premium (AUD Billion), 2015-2020
Figure 63: Australian Individual Non-Single-Premium Insurance - Direct Written Premium (AUD Billion), 2011-2015
Figure 64: Australian Individual Non-Single-Premium Insurance - Direct Written Premium (AUD Billion), 2015-2020
Figure 65: Australian Group Single-Premium Insurance - Gross Written Premium (AUD Billion), 2011-2015
Figure 66: Australian Group Single-Premium Insurance - Gross Written Premium (AUD Billion), 2015-2020
Figure 67: Australian Group Single-Premium Insurance - Direct Written Premium (AUD Billion), 2011-2015
Figure 68: Australian Group Single-Premium Insurance - Direct Written Premium (AUD Billion), 2015-2020
Figure 69: Australian Group Non-Single-Premium Insurance - Gross Written Premium (AUD Billion), 2011-2015
Figure 70: Australian Group Non-Single-Premium Insurance - Gross Written Premium (AUD Billion), 2015-2020
Figure 71: Australian Group Non-Single-Premium Insurance - Direct Written Premium (AUD Billion), 2011-2015
Figure 72: Australian Group Non-Single-Premium Insurance - Direct Written Premium (AUD Billion), 2015-2020
Figure 73: Australian Linked Insurance Business - Gross Written Premium (AUD Billion), 2011-2015
Figure 74: Australian Linked Insurance Business - Gross Written Premium (AUD Billion), 2015-2020
Figure 75: Australian Linked Insurance Business - Direct Written Premium (AUD Billion), 2011-2015
Figure 76: Australian Linked Insurance Business - Direct Written Premium (AUD Billion), 2015-2020
Figure 77: Australian Non-Linked Insurance Business - Gross Written Premium (AUD Billion), 2011-2015
Figure 78: Australian Non-Linked Insurance Business - Gross Written Premium (AUD Billion), 2015-2020
Figure 79: Australian Non-Linked Insurance Business - Direct Written Premium (AUD Billion), 2011-2015
Figure 80: Australian Non-Linked Insurance Business - Direct Written Premium (AUD Billion), 2015-2020
Figure 81: Australian Life Insurance - Segment Shares (%), 2015
Figure 82: Australia - Insurance Supervision and Control at Various Levels
Figure 83: Australia - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 84: Australia - Three Pillars of Lagic Reform

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