General Liability Insurance - Australia & Oceania

The General Liability Insurance market market in Australia & Oceania is expected to reach a gross written premium of US$7.34bn by 2024.
The per capita spending in this market is projected to be US$168.90 in 2024.
With an annual growth rate (CAGR 2024-2029) of 4.38%, the gross written premium is estimated to reach US$9.09bn by 2029.
In comparison to other countries, the United States will generate the highest gross written premium of US$178.4bn in 2024.
General Liability Insurance in Australia & Oceania is experiencing a surge in demand due to the increasing number of lawsuits and strict regulations.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

The General Liability Insurance market in Australia & Oceania has been experiencing significant growth and development in recent years.

Customer preferences: Customers in the General Liability Insurance market in Australia & Oceania are increasingly seeking comprehensive coverage that protects their businesses from a wide range of risks. They are looking for tailored insurance solutions that address specific industry challenges and regulatory requirements. Additionally, there is a growing demand for digital and online insurance services to enhance convenience and accessibility for customers.

Trends in the market: In Australia, the General Liability Insurance market is witnessing a trend towards greater adoption of risk management practices among businesses. Insurers are offering innovative products that cover emerging risks such as cyber liability and environmental liability. Moreover, there is a shift towards more transparent pricing models and flexible coverage options to meet the evolving needs of customers.

Local special circumstances: One of the key factors influencing the General Liability Insurance market in Australia is the regulatory environment. The Australian government has been introducing reforms to enhance consumer protection and promote competition in the insurance industry. This has led to increased scrutiny of insurance products and pricing practices, driving insurers to improve transparency and compliance with regulatory standards.

Underlying macroeconomic factors: The economic stability and growth in Australia & Oceania have contributed to the expansion of the General Liability Insurance market. As businesses in the region continue to grow and diversify, the need for comprehensive liability insurance coverage has increased. Additionally, the region's strong regulatory framework and focus on risk management have created a conducive environment for insurers to innovate and offer new products to meet the evolving needs of customers.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.