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2 TABLE OF CONTENTS 1. Asia-Pacific Insurance Industry 1.1. Industry Introduction 1.2. Asia-Pacific Insurance Market Size by Direct Written Premium, P 1.3. Asia-Pacific Insurance Market Segmentation By Geography, P By Life and Non Life, P 1.4. Asia-Pacific Insurance Industry Future Outlook By Geography, Australia Insurance Industry 2.1. Australia Insurance Value Chain 2.2. Australia Insurance Market Size by Direct Written Premium, FY 2005-FY Australia Insurance Government Regulations 4. Australia Life Insurance Market 4.1. Australia Life Insurance Market Size, FY 2005-FY Australia Life Insurance Market Future Outlook and Projection, FY 2013-FY Australia Non-Life Insurance Market 5.1. Australia Non-Life Insurance Market Size, FY 2005-FY Non-Life Insurance Segmentation, FY 2005-FY Australia Health Insurance Industry Australia Health Insurance Market Size, FY 2005-FY Market Share of Major Health Insurers in Australia, FY Australia Health Insurance Market Future Outlook and Projection, FY FY Australia Motor Vehicle Insurance Industry Australia Motor Vehicle Insurance Market Size, FY 2005-FY

3 Motor Vehicle Insurance Segmentation, FY 2005-FY Market Share of Major Motor Vehicle Insurers in Australia, FY Australia Motor Vehicle insurance Market Future Outlook and Projection, FY 2013-FY Australia Household Insurance Industry Australia Household Insurance Market Size, FY 2005-FY Market Share of Major Household Insurers in Australia, FY Australia Household Insurance Market Future Outlook and Projection, FY FY Australia Liability Insurance Industry Australia Liability Insurance Market Size, FY 2005-FY Liability Insurance Segmentation, FY 2005-FY Australia Liability insurance Market Future Outlook and Projection, FY FY Australia Fire and ISR Insurance Industry Australia Fire and ISR Insurance Market Size, FY 2005-FY Australia Fire and ISR Insurance Market Future Outlook and Projection, FY 2013-FY Market Share of Major Non Life Insurers in Australia, FY Australia Non-Life Insurance Market Future Outlook and Projection, FY 2013-FY Australia Insurance Industry Trends and Developments 7. Asia-Pacific Insurance Industry Future Outlook 7.1. Asia-Pacific Insurance Industry Future Projections 7.2. By Geography, Australia Insurance Industry Future Projections, FY 2013-FY Cause and Effect Relationship Between Dependent and Independent Factors Prevailing in Australia Insurance Market 9. Company Profile of Major Players in Australia Life Insurance Industry 3

4 10. Company Profile of Major Players in Australia Non-Life Insurance Industry Suncorp Group Company Profile Business Strategies Financial Performance Insurance Australia Group Company Profile Business Strategies Financial Performance 11. Australia Insurance Industry Macro-Economic Indicators: Historical and Projections Australia Population, GDP of Australia, Healthcare Expenditure of Australia, Total number of Vehicle in Use in Australia, Appendix Market Definitions Abbreviations Research Methodology Data Collection Methods Approach Variables (Dependent and Independent) Multi Factor Based Sensitivity Model Final Conclusion Disclaimer 4

5 LIST OF FIGURES Figure 1: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USD Million, P Figure 2: Asia-Pacific Insurance Market Segmentation by Life and non Life on the Basis of Direct Written Premium in Percentage, P Figure 3: Insurance Value Chain Figure 4: Australia Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY 2005-FY 2012 Figure 5: Australia Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY 2005-FY 2012 Figure 6: Australia Life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY 2013-FY 2016 Figure 7: Australia Non Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY 2005-FY 2012 Figure 8: Australia Non life Insurance Market Segmentation by Health, Motor Vehicle, Household, liability, Fire and ISR and Others on the Basis of Direct Written Premium in Percentage, FY 2005-FY 2012 Figure 9: Australia Health Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY 2005-FY 2012 Figure 10: Market Share of Major Non Life Insurers on the Basis of Number of Policies in Percentage, FY 2012 Figure 11: Australia Health Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY 2013-FY 2016 Figure 12: Australia Motor Vehicle Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY 2005-FY 2012 Figure 13: Australia Motor Vehicle Insurance Market Segmentation by Domestic, CTP and Commercial Motor Vehicle Insurance on the Basis of Direct Written Premium in Percentage, FY 2005-FY 2012 Figure 14: Market Share of Major Motor Vehicle Insurers on the Basis of Direct Written Premium in Percentage, FY

6 Figure 15: Australia Household Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY 2005-FY 2012 Figure 16: Market Share of Major Household Insurers on the Basis of Direct Written Premium in Percentage, FY 2012 Figure 17: Australia Household Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY 2013-FY 2016 Figure 18: Australia Liability Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY 2005-FY 2012 Figure 19: Australia Liability Insurance Market Segmentation by Public and Product Liability, Employers Liability and Professional Indemnity Insurance on the Basis of Direct Written Premium in Percentage, FY 2005-FY 2012 Figure 20: Australia Fire and ISR Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY 2005-FY 2012 Figure 21: Australia Fire and ISR Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY 2013-FY 2016 Figure 22: Market Share of Major Non Life Insurers on the Basis of Direct Written Premium in Percentage, FY 2012 Figure 23: Australia Non life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY 2013-FY 2016 Figure 24: Australia Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY 2013-FY 2016 Figure 25: Australia Non-Life Insurance Gross Written Premium of Suncrop Group in USD Million, FY 2011-FY 2012 Figure 26: Australia Non-Life Insurance Gross Written Premium of Insurance Australia Group in USD Million, FY 2005-FY 2012 Figure 26: Australia Population in Million, Figure 27: GDP of Australia in USD Million, Figure 28: Healthcare Expenditure of Australia in USD Million, Figure 29: Total Number of Vehicle in Use in Australia in Million,

7 LIST OF TABLES Table 1: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of Direct Written Premium in USD Billion, P Table 2: Asia-Pacific Insurance Market Segmentation by Life and Non Life on the Basis of Direct Written Premium in USD Billion, P Table 3: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct Written Premium in USD Million, Table 3: Market Share of Major Non Life Insurers on the Basis of Number of Policies in Thousand Units, FY 2012 Table 4: Australia Motor Vehicle Insurance Market Segmentation by Domestic, CTP and Commercial Motor Vehicle Insurance on the Basis of Direct Written Premium in USD Million, Table 6: Market Share of Major Motor Vehicle Insurers on the Basis of Direct Written Premium in USD Million, FY 2012 Table 7: Australia Motor Vehicle Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY 2013-FY 2016 Table 8: Market Share of Major Household Insurers on the Basis of Direct Written Premium in USD Million, FY 2012 Table 9: Australia Liability Insurance Market Segmentation by Public and Product Liability, Employers Liability and Professional Indemnity Insurance on the Basis of Direct Written Premium in USD Million, FY 2005-FY 2012 Table 10: Australia Liability Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY 2013-FY 2016 Table 11: Market Share of Major Non Life Insurers on the Basis of Direct Written Premium in USD Million, FY 2012 Table 12: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct Written Premium in USD Million, Table 13: Cause and Effect Relationship Analysis between Industry Factors and Expected Industry Prospects of Australia Insurance Market 7

8 Table 14: Company Profile of Major Players in Australia Life Insurance Industry, FY 2012 Table 15: Correlation Matrix of Australia Insurance Industry Table 16: Regression Coefficients Output of Australia Insurance Industry 8

9 ASIA-PACIFIC INSURANCE MARKET SIZE BY DIRECT WRITTEN PREMIUM, P The insurance market in Asia-Pacific region has grown remarkably over the past few years due to the growth in the emerging markets such as China, Japan, India, Australia, Taiwan and South Korea. The countries in the Asia-Pacific region are at different stages of economic development unlike the European countries and the US which has created significant opportunities for the insurers in the region in order to serve the financial needs of the customers. The market in the region has grown at a CAGR of 11.9% from USD ~ million in 2005 to USD ~million in 2012 Figure: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USD Million, P 16,00, ,00, ,00,000.0 USD Million 10,00, ,00, ,00, ,00, ,00, P 9

10 ASIA-PACIFIC INSURANCE MARKET SEGMENTATION BY GEOGRAPHY, P Asia-Pacific insurance industry is majorly contributed by 6 major countries such as Japan, China, South Korea, Taiwan, India and Australia with the share of ~% in Japan insurance market is the second largest in the world with the contribution of China insurance industry is one of the predominant markets in the insurance industry in the Asia- Pacific region with a contribution of ~% of the direct written premium in the region in more than ~% in The China insurance industry is one of the predominant markets in the insurance industry in the Asia-Pacific region with a contribution of ~% of the direct written premium in the region in 2012 South Korea is the third largest market with a contribution of ~% in The country insurance sector is more complicated with limited growth opportunities in comparison with the growing market in the region such as China and India Table: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of Direct Written Premium in USD Billion, P Countries P Japan China South Korea Taiwan India Australia Hong Kong Singapore Thailand Malaysia Indonesia 10

11 New Zealand Philippines Vietnam Pakistan Kazakhstan Bangladesh Sri Lanka Total 11

12 AUSTRALIA INSURANCE INDUSTRY AUSTRALIA INSURANCE MARKET SIZE BY DIRECT WRITTEN PREMIUM, FY 2005-FY 2012.In FY 2012, there are ~ licensed insurance companies operating in Australia of which ~ were direct insurers and ~ were reinsurers. The insurance market of Australia has experienced decline in the growth rate from ~% in FY 2011 to ~% in FY The industry has also experienced the decline in the solvency margin ratio from ~% in 2009 to ~% in 2012 Figure: Australia Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY 2005-FY ,20, ,00,000.0 USD Million 80, , , , FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011 FY'2012 Note: FY ending- 30 st June Life Insurance is in Net Written Premium Non-Life Insurance is in Gross Written Premium 12

13 AUSTRALIA LIFE INSURANCE MARKET AUSTRALIA LIFE INSURANCE MARKET FUTURE OUTLOOK AND PROJECTION, FY 2013-FY 2016 Under the base case scenario analysis, the life insurance market of Australia is expected to grow at a CAGR of 5.9% in the next four years and the market is predicted to record direct written premium of USD ~ million in FY 2016 In the worst case scenario analysis, the life insurance market is predicted to record direct written premium of USD ~ million in FY 2016 The best case scenario analysis assumes that the market is expected to grow at a strong CAGR of ~% from FY 2013-FY 2016 Figure: Australia Life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY 2013-FY , , ,000.0 USD Million 40, , , , FY'2013 FY'2014 FY'2015 FY'2016 Worst Case Base Case Best Case Note: FY ending- 30 st June Life Insurance is in Net Written Premium 13

14 AUSTRALIA NON-LIFE INSURANCE MARKET AUSTRALIA NON-LIFE INSURANCE MARKET SIZE, FY FY 2012 The general insurance industry in Australia has experienced a growth of ~% with the direct written premium of USD ~ million in FY 2012 compared to USD ~ million in FY The growth in the market is primarily driven by an increase in the household and in the fire and industrial special risk class by ~% and ~% respectively in FY In FY 2012, the industry s gross incurred claim has reached to AUD ~ billion in comparison to AUD ~ billion in FY 2011 due to the reduced gross claims arising from the lower incidence and impact of natural disaster in the year. Figure: Australia Non Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY 2005-FY , ,000.0 USD Million 40, , , , FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011 FY'2012 Note: FY ending- 30 st June Non-Life Insurance is in Gross Written Premium 14

15 NON-LIFE INSURANCE SEGMENTATION, FY 2005-FY 2012 The Australian non life insurance industry is segmented into health insurance, automobile insurance, household insurance, liability insurance, fire and industrial special risk insurance and others. The health insurance segment is the leading contributor in the general insurance industry with the share of ~% and the direct written premium of USD 17,314.6 million in FY The motor insurance industry is the second largest contributor in the general insurance industry of Australia contributing around ~% in FY The motor insurance industry in the country is further segmented into domestic, commercial and third party motor vehicle insurance Figure: Australia Non life Insurance Market Segmentation by Health, Motor Vehicle, Household, liability, Fire and ISR and Others on the Basis of Direct Written Premium in Percentage, FY 2005-FY % 90.0% 80.0% 70.0% 60.0% In Percentage % 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011 FY'2012 Others Fire and ISR Liability Household Motor Vehicle Health Note: FY ending- 30 st June Non-Life Insurance is in Gross Written Premium 15

16 AUSTRALIA HEALTH INSURANCE INDUSTRY MARKET SHARE OF MAJOR HEALTH INSURERS IN AUSTRALIA, FY 2012 The health insurance market in Australia is a concentrated market with the top five players such as Medibank, Bupa, Hospital Contribution Fund (HCF), HBF and NIB has contributed around ~% in FY Medibank is the leading provider of health insurance service in the country with the share of ~% and number of policies is ~ thousand in FY Figure: Market Share of Major Non Life Insurers on the Basis of Number of Policies in Percentage, FY 2012 Medibank Bupa Hospital Contribution Fund (HCF) HBF NIB Others Note: FY ending- 30 st June 16

17 Table: Market Share of Major Non Life Insurers on the Basis of Number of Policies in Thousand Units, FY 2012 Players FY 2012 Medibank Bupa Hospital Contribution Fund (HCF) HBF NIB Others Total Note: FY ending- 30 st June 17

18 AUSTRALIA HOUSEHOLD INSURANCE INDUSTRY AUSTRALIA HOUSEHOLD INSURANCE MARKET FUTURE OUTLOOK AND PROJECTION, FY 2013-FY 2016 The Australian household insurance is expected to grow at a CAGR of 13.1% in the next four years and is predicted to record direct written premium of USD ~ million in FY 2014 Figure: Australia Household Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY 2013-FY , ,000.0 USD Million 10, , , , , FY'2013 FY'2014 FY'2015 FY'2016 Note: FY ending- 30 st June Household Insurance is in Gross Written Premium 18

19 AUSTRALIA INSURANCE INDUSTRY TRENDS AND DEVELOPMENTS RISING SALES OF ANNUITY INSURANCE THROUGH GOVERNMENT SUPPORT In Australia, Superannuation Guarantee (SG) is an officially compulsory made by employers on the behalf of their employees... ASIA-PACIFIC INSURANCE INDUSTRY FUTURE OUTLOOK Overall, the market of the Asia-Pacific insurance is expected to grow at a CAGR of 11.2% from The market in the near future is expected to witness consolidation and higher competition level with the entrance of more global players in the market ASIA-PACIFIC INSURANCE INDUSTRY FUTURE PROJECTIONS BY GEOGRAPHY, The Asia-Pacific Insurance industry is expected to grow at a CAGR of 11.2% from on account of the rising population in the emerging markets of Asia such as India and China. It is anticipated that the total direct written premium of the insurance products will increase to USD ~ million in 2016 from USD ~ million in

20 Table: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct Written Premium in USD Million, Countries Japan China South Korea Taiwan India Australia Hong Kong Singapore Thailand Malaysia Indonesia New Zealand Philippines Vietnam Pakistan Kazakhstan Bangladesh Sri Lanka Total 20

21 AUSTRALIA INSURANCE INDUSTRY FUTURE PROJECTIONS, FY 2013-FY 2016.Under the base case scenario analysis, the Australian insurance market is anticipated to grow at a CAGR of 9.1% from FY 2013-FY 2016 and is predicted to record direct written premium of USD ~ million in FY The worst/conservative case scenario analysis assumes that the market will grow at a CAGR of 2.0% in the next four years The best case scenario analysis predicts that the industry will grow at a phenomenal CAGR of 12.1% from FY 2013-FY 2016 and is expected to register direct written premium of USD ~ million in FY Figure: Australia Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY 2013-FY 2016 USD Million 1,80, ,60, ,40, ,20, ,00, , , , , FY'2013 FY'2014 FY'2015 FY'2016 Worst Case Base Case Best Case Note: FY ending- 30 st June Life Insurance is in Net Written Premium Non-Life Insurance is in Gross Written Premium 21

22 CAUSE AND EFFECT RELATIONSHIP BETWEEN DEPENDENT AND INDEPENDENT FACTORS PREVAILING IN AUSTRALIA INSURANCE MARKET Table: Cause and Effect Relationship Analysis between Industry Factors and Expected Industry Prospects of Australia Insurance Market Industry Factors Market Impact Comments Strict Government Regulations and Support Cause: Positive Effect: Increasing Population Cause: Effect:. Increasing Consumer Spending Intensifying Competition Cause: Effect:. Cause: Positive Effect: Negative Effect: DISCLAIMER No part of this manual or any material appearing may be reproduced, stored in or transmitted on any other Web site without written permission of Ken Research and any payments of a specified fee. Requests to republish any material may be sent to us. 22