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Home and Contents Insurance in Australia - Industry Market Research Report

Publisher IBISWorld
Published Apr 08, 2024
Length 39 Pages
SKU # IBSS18691645

Description

Home and Contents Insurance in Australia - Industry Market Research Report


Home and Contents Insurance in Australia

The Home and Contents Insurance industry's revenue has continued to climb in the face of hefty claims expenses and consumer budget pressures. The high number of expensive claims arising from floods, cyclones and bushfires has slimmed industry profitability. Natural disasters' high frequency and magnitude have also stoked demand for home and contents risk coverage. Insurers have raised premiums to tap into this demand, cope with higher claims risks and save their profit margins. A higher-than-average number of claims and higher claim values have led insurers to raise premiums to maintain profitability. Home and Contents Insurance revenue jumped at an annualised 2.1% over the five years through 2022-23 to reach an anticipated $11.1 billion. This trend includes a 1.6% dip expected in revenue this year as households limit spending and natural disaster frequency drops from a recent spike. Investment revenue streams are also in the spotlight, as insurers have struggled to generate consistent returns in the wake of the COVID-19 pandemic and other economic disruptions.

Industry providers underwrite home and contents insurance policies that protect against loss or damage to property due to theft, fire and other causes. Home and Contents Insurance is a type of general insurance. Policies that are underwritten by insurers also protect against personal liability that may arise from injury on an insured person’s property.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market

Table of Contents

39 Pages
TABLE OF CONTENTS

ABOUT THIS INDUSTRY

Industry Definition
Main Activities
Similar Industries
Additional Resources

INDUSTRY AT A GLANCE

INDUSTRY PERFORMANCE

Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle

PRODUCTS & MARKETS

Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations

COMPETITIVE LANDSCAPE

Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization

MAJOR COMPANIES

OPERATING CONDITIONS

Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance

KEY STATISTICS

Industry Data
Annual Change
Key Ratios

JARGON & GLOSSARY

Pricing

Currency Rates
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