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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Australian non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Australia's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Australian non-life (P&C) market as well as trends by line of business. Axco analysts also report on Australian economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Australian insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Australia, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Australia, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Australia with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
Although Australia is only the 10th largest non-life market in the world, it has a complexity and interest that rivals that of the US. Because of its federal structure comprising eight states and territories plus the commonwealth government, Australia has nine workers' compensation systems and eight systems for compulsory motor third party. The country also has a highly evolved common law legal system, massive gas and mining industries and a moderate-to-severe exposure to every natural peril. Australia was a pioneer of risk-based capital and prudential supervision of insurers and is now a front-runner in the field of insurance consumer protection. Although the market is well-penetrated by branches and subsidiaries of multinational insurance groups, nearly two-thirds of premiums are still written by three domestic insurance groups ....
This is a brief extract of information; more updated information may be available in the latest published report.