Recent Research on Personal Accident and Health Insurance Market in Australia Trends, Growth and Opportunities Share 2018

Synopsis

The report provides in-depth market analysis, information and insights into Australian personal accident and health insurance segment, including:

• The Australian personal accident and health insurance segment’s growth prospects by category
• Key trends and drivers for the personal accident and health insurance segment
• The various distribution channels in the Australian personal accident and health insurance segment
• The detailed competitive landscape of the personal accident and health insurance segment in Australia
• Detailed regulatory policies applicable to the Australian insurance industry

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Executive summary

• The Australian healthcare system comprises public and private healthcare. Almost 70% of spending is funded by the government, and around 30% is funded by private insurers or consumers as out-of-pocket expenditure. Three schemes are funded by the Australian government: Medicare, a pharmaceutical benefits scheme, and a private health insurance rebate scheme. Medicare provides either free or subsidized benefits for medical, diagnostic and allied health services.
• The Australian personal accident and health insurance segment grew at a review-period (2009−2013) compound annual growth rate (CAGR) of 7.6%. The growth was mainly supported by a rise in healthcare expenditure and government measures to develop private healthcare insurance.
• Healthcare in Australia is regulated by three bodies: the Private Health Insurance Administration Council (PHIAC), the Department of Health Ageing (DoHA) and the Private Health Insurance Ombudsman (PHIO). The PHIAC regulates private health insurers in terms of prudence and lawfulness. The DoHA is responsible for industry policy and maintaining quality healthcare services, while the PHIO acts as a mediator between consumers and health fund members, private hospitals and medical practitioners should disputes arise.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Australia:

• It provides historical values for the Australian personal accident and health insurance segment for the report’s 2009–2013 review period and projected figures for the 2013–2018 forecast period.
• It offers a detailed analysis of the key sub-segments in Australian personal accident and health insurance, along with market forecasts until 2018.
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
• It analyses the various distribution channels for personal accident and health insurance in Australia.
• It profiles the top personal accident and health insurance companies in Australia and outlines the key regulations affecting them.

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Reasons to buy

• Make strategic business decisions using in-depth historic and forecast market data related to Australian personal accident and health insurance segment and each category within it
• Understand the demand-side dynamics, key market trends and growth opportunities in the Australian personal accident and health insurance segment
• Assess the competitive dynamics in the personal accident and health insurance segment
• Identify the growth opportunities and market dynamics in key product categories
• Gain insights into key regulations governing Australian insurance segment and their impact on companies and the market's future

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Key highlights

• The insurance industry’s gross written premium recorded a review-period CAGR of 2.9%.
• The Australian personal accident and health segment grew at a review-period CAGR of 7.6%.
• The Australian healthcare system comprises public and private healthcare. Almost 70% of spending is funded by the government, and around 30% is funded by private insurers and consumers.
• The rising number of outbound travelers is expected to support the growth of travel insurance, and its gross written premium is expected to record a forecast-period CAGR of 7.7%.
• According to the federal health minister Mr. Peter Dutton, Australian health insurance premiums increased at an average of 5.5% between 2009 and 2013.

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