Australia's general insurance industry to reach $83.9bn by 2027

Written by Adam Cadle

25/10/2023

The Australian general insurance industry is set to grow at a compound annual growth rate (CAGR) of 9.1% from AU$86.8bn ($60.1bn) in 2023 to AU$123.1bn ($83.9bn) in 2027, in terms of direct written premiums (DWP), GlobalData has forecast.

The Australian general insurance industry is expected to register annual growth of 9.5% in 2023 and 9.8% in 2024. The growth will be supported by increasing healthcare awareness after the pandemic, rising demand for natural catastrophic (Nat-cat) insurance due to climate change, and a rise in property and motor insurance premium rates.

Looking forward, Sutirtha Dutta, insurance analyst at GlobalData, commented: “The rise in premiums that will escalate the cost of living and make people selective while taking insurance is not expected to have a significant negative impact on the growth of the Australian general insurance industry during 2023-27. However, escalating NatCat losses and rising inflation will remain a key challenge for the profitability of Australian general insurers.”

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