Australia Insurance Report Q1 2017

LONDON, Dec. 19, 2016 /PRNewswire/ -- Our forecasts remain unchanged in Q117. The absolute growth of the population and the economy should ensure that premiums in both segments of Australia's large, sophisticated and competitive insurance sector grow in real terms. However, it is easy to identify factors that limit growth in both segments. In the life segment, the insurers are to a certain extent in competition with Australia's massive superannuation funds, and are hard pressed to profit from the sale of group life products to the super funds. In the non-life segment, price competition is restraining the development of the important motor and property insurance sub-sectors.

Key Updates And Forecasts

- Weather events in mid-2016 have resulted in significant claims for the major property insurers. The risks have been laid off with reinsurers. It remains to be seen whether the increased claims are also passed back to clients in the form of higher premiums. Motor insurers are generally upbeat about plans of the government of New South Wales (NSW) to reform that state's Compulsory Third Party (CTP) motor insurance scheme. The changes should make the scheme cheaper and more affordable for motorists. The new system should include a no-fault first-party, defined benefits scheme - with access to common law damages for more serious injuries.

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