In 2024, the industry's DWP totalled $94.7 billion, with expectations to rise to $102.8 billion in 2025. The personal accident and health insurance segment is anticipated to remain the largest line of business, accounting for 33.2% of DWP in 2025. Property insurance follows closely, representing 27%, and motor insurance at 26.4%. Other general insurance segments, including financial lines, liability, and marine, aviation, and transit, are estimated to account for the remaining 13.4% share.
GlobalData's senior insurance analyst, Swarup Kumar Sahoo, emphasised that the outlook for Australia's general insurance industry remains positive. Insurers are expected to remain vigilant regarding rising claims costs, inflation, and the impact of climate change, while focusing on innovation and customer-centric solutions.
For beauticians and small business owners in the beauty industry, this projected growth signifies a dynamic insurance landscape. As the market expands, there may be increased opportunities to access tailored insurance products that address specific industry risks. However, it's crucial to stay informed about potential premium adjustments and to work closely with insurance providers to ensure comprehensive and cost-effective coverage.
