Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Australia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Australia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
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Australia is a federation of six states and two territories. Although it is only the ninth-largest non-life market globally, it has a complexity and interest that rivals that of the US as the administration of justice is a state responsibility. Axco reports cover information from all states/territories and 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, more than two-thirds of property and casualty premiums are written by domestic insurance groups.
The Australian life market has been undergoing a period of profound structural change within the past five years driven by regulatory reform, competitive pressure, historically low-interest rates and a changing consumer. A significant feature of the domestic life market is the predominance of yearly renewable term (YRT) contracts, estimated to account for around 80% of in force life insurance policies. Such "stepped premiums" provide the cheapest possible cover at inception and so are easier to sell in intermediary dominated distribution.