Australia's Insurance Market Set for Significant Growth by 2029
Australia's Insurance Market Set for Significant Growth by 2029
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Australia’s general insurance market is expected to experience steady expansion over the next five years, with total direct written premiums (DWP) projected to reach $144.5 billion by 2029.
This follows a compound annual growth rate (CAGR) of 8.8%, according to analysis by data and analytics firm GlobalData.
Rising insurance needs driven by climate-related disasters, inflationary pressures, and growing demand for health coverage are reshaping the sector. In 2025 alone, the industry is forecast to grow to $102.8 billion – an 8.6% increase from the previous year.
“The growth of the general insurance industry in Australia is attributed to the increasing demand for insurance products that cover extreme weather events and rising premium prices due to inflation and the cost-of-living crisis,” said Swarup Kumar Sahoo, GlobalData senior insurance analyst.
For tradespeople and small business owners in the trades sector, this projected growth indicates a dynamic insurance landscape with evolving products and services. Staying informed about market trends and understanding how they may impact insurance offerings can help in making informed decisions to protect your business effectively.
Published:Tuesday, 16th Dec 2025 Source: Paige Estritori
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Knowledgebase
Term Life Insurance: A life insurance that provides a cover for a specific period of time - usually one to five years or until the insured reaches age 65 or 70.
