Australian Insurance Industry Set for Significant Growth Amid Rising Natural Disasters
Australian Insurance Industry Set for Significant Growth Amid Rising Natural Disasters
0
The Australian general insurance industry is on a trajectory for substantial growth, with direct written premiums (DWP) projected to exceed $144 billion by 2029.
This forecast, provided by data and analytics firm GlobalData, reflects a compound annual growth rate (CAGR) driven by increasing demand for coverage in response to the rising frequency of natural disasters.
In 2024, the industry's DWP stood at $94.7 billion, with expectations to reach $102.8 billion in 2025. The anticipated growth is attributed to heightened consumer awareness and the need for comprehensive insurance solutions amid escalating climate-related events.
Personal accident and health insurance currently represent the largest segment, accounting for 34.2% of DWP in 2024. This trend is expected to continue, with property and motor insurance also contributing significantly to the industry's expansion.
For beauticians and small business owners in the beauty industry, this growth underscores the importance of securing appropriate insurance coverage. As natural disasters become more prevalent, the risk of property damage and business interruption increases, making comprehensive insurance policies essential for safeguarding assets and ensuring business continuity.
Staying informed about industry trends and understanding the factors driving premium increases can aid beauty professionals in making informed decisions about their insurance needs. Engaging with insurers who offer tailored solutions for the beauty sector can provide peace of mind and financial protection against unforeseen events.
Published:Tuesday, 3rd Feb 2026 Source: Paige Estritori
Australian Food Super has announced a transition to age-based pricing for its insurance offerings, a move that will see premium costs vary according to members' age brackets. Effective November 1, 2025, this change aims to align insurance costs more closely with the risk profiles associated with different age groups. - read more
Recent research from Rainmaker Information indicates a significant decrease in life and income protection insurance premiums across Australia. Direct life premiums have fallen by 7% since 2024, while direct income protection premiums have seen reductions of 12% and 13% for policies with 30-day and 90-day waiting periods, respectively. - read more
The global insurtech sector experienced a notable downturn in funding during the fourth quarter of 2024, with total investments halving to $US688.24 million compared to the previous quarter. This decline marks the lowest annual funding level since 2018, according to data from Gallagher Re. - read more
The Australian general insurance industry is on a trajectory for substantial growth, with direct written premiums (DWP) projected to exceed $144 billion by 2029. This forecast, provided by data and analytics firm GlobalData, reflects a compound annual growth rate (CAGR) driven by increasing demand for coverage in response to the rising frequency of natural disasters. - read more
Income protection insurance is designed to provide financial support if you are unable to work due to illness or injury. It ensures that you continue to receive a portion of your income, allowing you to cover your living expenses and maintain your standard of living during difficult times. - read more
Income protection insurance is a crucial financial safety net designed to replace a portion of your income if you're unable to work due to illness or injury. For many, it's a vital component of a robust financial plan, offering peace of mind and stability. But why is it particularly important for healthcare professionals in Australia? - read more
Income protection insurance is a crucial financial safeguard for anyone who relies on their salary to pay the bills. It provides a substitute income if you're unable to work due to illness or injury, ensuring that your financial obligations can still be met when you're not able to earn your usual wage. - read more
Preventive healthcare refers to measures taken to prevent diseases, rather than treating them after they occur. This includes actions like regular health screenings, vaccinations, and adopting healthy lifestyle practices. - read more
Start Here !
Apply now for your free Insurance assessment and price comparisons!
All quotes are provided free and without obligation. We respect your
privacy.
Knowledgebase
Insurance Policy: Broadly, the entire written contract of insurance. More narrowly, the basic written or printed document, as distinguished from the forms and endorsements added thereto.
