Property Insurance - Australia & Oceania

The Property Insurance market market in Australia & Oceania is expected to reach a projected market size (gross written premium) of US$16.53bn in 2024.
On average, individuals in the region are estimated to spend US$380.50 on Property Insurance market in the same year.
The market is anticipated to exhibit a steady annual growth rate (CAGR 2024-2029) of 6.24%, resulting in a market volume of US$22.37bn by 2029.
When compared globally, the United States is projected to generate the highest gross written premium of US$240.4bn in 2024.
In Australia, the property insurance market is witnessing a rise in demand due to increasing frequency of natural disasters.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

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.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

The Property Insurance market in Australia & Oceania is experiencing steady growth and development. Customer preferences in the region lean towards comprehensive property insurance coverage that includes protection against natural disasters such as bushfires, floods, and cyclones. Customers also prioritize policies that offer flexibility in coverage options and competitive premiums to suit their individual needs. Trends in the market show an increasing demand for digital insurance solutions, with more customers opting to purchase property insurance online. Insurers in the region are also focusing on developing innovative products and services to stay competitive in the market. Additionally, there is a growing trend towards sustainable and eco-friendly insurance options, reflecting the region's commitment to environmental conservation. Local special circumstances in Australia & Oceania include the unique geographical challenges faced by insurers due to the region's exposure to natural disasters. Insurers need to tailor their products to address specific risks such as bushfires in Australia and cyclones in the Pacific Islands. Furthermore, regulatory requirements and compliance standards vary across countries in the region, posing challenges for insurers operating in multiple markets. Underlying macroeconomic factors such as population growth, urbanization, and economic stability play a significant role in shaping the Property Insurance market in Australia & Oceania. As urban centers expand and property values increase, the demand for property insurance is expected to rise accordingly. Economic stability and government initiatives to mitigate climate change also influence the market dynamics, driving insurers to offer sustainable insurance solutions.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.