Synopsis The report provides in-depth market analysis, information and insights into the Australian life insurance segment, including: The Australian life insurance segment’s growth prospects by category Key trends and drivers for the life insurance segment The various distribution channels in the Australian life insurance segment The detailed competitive landscape on the life insurance segment in Australia Detailed regulatory policies applicable to the Australian insurance industry Executive summary Life insurance is the largest segment of the Australian insurance industry, and accounted for 45.5% of the industry’s gross written premium in 2013. The life segment’s gross written premium decreased at a compound annual growth rate (CAGR) of -0.4% during the review period (2009–2013), due to an increase in claims following a rise in death rates and rising rates of policy lapses as consumers reduced insurance cover. Life insurance claims increased at a CAGR of 2.1%. The life segment is expected to grow over the forecast period due to factors such as an ageing population, low penetration compared to other developed countries and underinsurance. The gross written premium is expected to post a CAGR of 3.0% over the forecast period (2013–2018). Scope This report provides a comprehensive analysis of the life insurance segment in Australia: It provides historical values for the Australian life 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 categories in the Australian life insurance segment, along with 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 life insurance products in Australia. It profiles the top life insurance companies in Australia and outlines the key regulations affecting them. Reasons to buy Make strategic business decisions using in-depth historic and forecast market data related to the Australian life insurance segment and each category within it Understand the demand-side dynamics, key market trends and growth opportunities in the Australian life insurance segment Assess the competitive dynamics in the life insurance segment Identify the growth opportunities and market dynamics in key product categories Gain insights into key regulations governing the Australian insurance industry, and their impact on companies and the market's future

1. Life Insurance in Australia, Key Trends and Opportunities to 2018
Synopsis
The report provides in-depth market analysis, information and insights into the Australian life insurance segment, including: The Australian life insurance
segment’s growth prospects by category Key trends and drivers for the life insurance segment The various distribution channels in the Australian life
insurance segment The detailed competitive landscape on the life insurance segment in Australia Detailed regulatory policies applicable to the Australian
insurance industry
Executive summary
Life insurance is the largest segment of the Australian insurance industry, and accounted for 45.5% of the industry’s gross written premium in 2013. The
life segment’s gross written premium decreased at a compound annual growth rate (CAGR) of -0.4% during the review period (2009–2013), due to
an increase in claims following a rise in death rates and rising rates of policy lapses as consumers reduced insurance cover. Life insurance claims increased at a
CAGR of 2.1%. The life segment is expected to grow over the forecast period due to factors such as an ageing population, low penetration compared to other
developed countries and underinsurance. The gross written premium is expected to post a CAGR of 3.0% over the forecast period (2013–2018).
Scope
This report provides a comprehensive analysis of the life insurance segment in Australia: It provides historical values for the Australian life 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
categories in the Australian life insurance segment, along with 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 life insurance products in Australia. It profiles the top life insurance companies in Australia and outlines the key regulations
affecting them.
Reasons to buy
Make strategic business decisions using in-depth historic and forecast market data related to the Australian life insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities in the Australian life insurance segment Assess the competitive dynamics in
the life insurance segment Identify the growth opportunities and market dynamics in key product categories Gain insights into key regulations governing the
Australian insurance industry, and their impact on companies and the market's future
Key highlights
In terms of gross written premium, the Australian insurance industry was the 11th-largest in the world in 2012. Life insurance was the largest segment in the
Australian insurance industry in 2013, accounting for 45.5% of its gross written premium. The distribution of life insurance in Australia was led by
bancassurance, and followed by brokers and direct marketing. Increased premium rates, an aging population, new product innovation, increasing awareness of
insurance, and rising penetration will contribute to the growth of life insurance over the forecast period. Low insurance penetration gives an opportunity to life
insurers operating in Australia to grow by offering new products to meet consumer requirements.
table Of Contents
1 Executive Summary
2 Introduction
2.1 What Is This Report About?
2.2 Definitions
2.3 Methodology
3 Australian Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2009–2018
3.2 Key Industry Trends And Drivers
3.3 Challenges
3.4 Recent Market Developments
4 Life Insurance Outlook
4.1 Consumer Segmentation
4.2 Product And Marketing Strategies
4.2.1 Product Strategies
4.2.2 Marketing Strategies
4.3 Life Insurance Growth Prospects By Category
4.4 Individual Life Insurance
4.4.1 Individual Whole Life Insurance
4.4.2 Individual General Annuity Insurance
4.4.3 Individual Pension Insurance
4.4.4 Individual Term Life Insurance
4.4.5 Individual Other Insurance
4.5 Group Life Insurance
4.5.1 Group Whole Life Insurance
4.5.2 Group Superannuation Insurance
Life Insurance in Australia, Key Trends and Opportunities to 2018

2. 4.6 Life Insurance Growth Prospects By Policy Type
4.6.1 Individual Single-premium Insurance
4.6.2 Individual Non-single-premium Insurance
4.6.3 Group Single-premium Insurance
4.6.4 Group Non-single-premium Insurance
4.7 Life Insurance Growth Prospects By Product Type
4.7.1 Total Linked Insurance Business
4.7.2 Total Non-linked Insurance Business
5 Analysis By Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-commerce
5.5 Brokers
5.6 Other Channels
6 Porter’s Five Forces Analysis – Australian Life Insurance
6.1 Bargaining Power Of Suppliers: Low To Medium
6.2 Bargaining Power Of Buyers: Medium
6.3 Barriers To Entry: Medium
6.4 Intensity Of Rivalry: Medium
6.5 Threat Of Substitutes: Medium
7 Reinsurance Growth Dynamics And Challenges
7.1 Reinsurance Segment Size, 2009–2018
7.2 Reinsurance Segment Size By Premium Ceded, 2009–2018
8 Governance, Risk And Compliance
8.1 Legislation Overview And Historical Evolution
8.2 Legislation And Market Practice By Type Of Insurance
8.2.1 Life Insurance
8.2.2 Property Insurance
8.2.3 Motor Insurance
8.2.4 Liability Insurance
8.2.5 Marine, Aviation And Transit Insurance
8.2.6 Personal Accident And Health Insurance
8.3 Compulsory Insurance
8.3.1 Aircraft Passenger Liability For Death Or Injury
8.3.2 Motor Third-party Liability (mtpl) Insurance Regulations
8.3.3 Workmen’s Compensation Insurance
8.4 Supervision And Control
8.4.1 International Association Of Insurance Supervisors (iais)
8.4.2 Australian Prudential Regulation Authority (apra)
8.4.3 Australian Securities And Investment Commission (asic)
8.4.4 Financial Services Council (fsc)
8.4.5 Insurance Council Australia (ica)
8.5 Non-admitted Insurance Regulations
8.5.1 Overview
8.5.2 Intermediaries
8.5.3 Market Practices
8.5.4 Fines And Penalties
8.6 Company Registration And Operations
8.6.1 Types Of Insurance Organization
8.6.2 Establishing A Local Company
8.6.3 Foreign Ownership
8.6.4 Types Of License
8.6.5 Capital Requirements
8.6.6 Solvency Margins
8.6.7 Reserve Requirements
8.6.8 Investment Regulations
8.6.9 Statutory Return Requirements
8.6.10 Fee Structure
8.7 Taxation
Life Insurance in Australia, Key Trends and Opportunities to 2018

3. 8.7.1 Insurance Premium Or Policy Taxation
8.7.2 Withholding Taxes On Premium Paid Overseas
8.7.3 Corporate Tax
8.7.4 Vat
8.7.5 Captives
8.8 Legal System
8.8.1 Introduction
8.8.2 Access To Court
8.8.3 Alternative Dispute Resolution (adr)
9 Competitive Landscape And Strategic Insights
9.1 Overview
9.2 Leading Companies In The Australian Life Insurance Segment
9.3 Comparison Of The Five Leading Life Insurers
9.3.1 Retentions
9.3.2 Paid Claims
9.3.3 Total Assets
9.3.4 Total Investment Incomes
9.4 Mlc Ltd – Company Overview
9.4.1 Mlc Ltd – Key Facts
9.4.2 Mlc Ltd – Key Financials
9.5 The Colonial Mutual Life Assurance Society Ltd – Company Overview
9.5.1 The Colonial Mutual Life Assurance Society Ltd – Key Facts
9.5.2 The Colonial Mutual Life Assurance Society Ltd – Key Financials
9.6 Amp Life Ltd – Company Overview
9.6.1 Amp Life Ltd – Key Facts
9.6.2 Amp Life Ltd – Key Financials
9.7 Onepath Life Ltd – Company Overview
9.7.1 Onepath Life Ltd – Key Facts
9.7.2 Onepath Life Ltd – Key Financials
9.8 Tal Life Ltd – Company Overview
9.8.1 Tal Life Ltd – Key Facts
9.8.2 Tal Life Ltd – Key Financials
9.9 National Mutual Life Association Of Australasia Ltd – Company Overview
9.9.1 National Mutual Life Association Of Australasia Ltd – Key Facts
9.9.2 National Mutual Life Association Of Australasia Ltd – Key Financials
9.10 Aia Australia Ltd – Company Overview
9.10.1 Aia Australia Ltd – Key Facts
9.10.2 Aia Australia Ltd – Key Financials
9.11 Westpac Life Insurance Services Ltd – Company Overview
9.11.1 Westpac Life Insurance Services Ltd – Key Facts
9.11.2 Westpac Life Insurance Services Ltd – Key Financials
9.12 Suncorp Life & Superannuation Ltd – Company Overview
9.12.1 Suncorp Life & Superannuation Ltd – Key Facts
9.12.2 Suncorp Life & Superannuation Ltd – Key Financials
9.13 Metlife Insurance Ltd – Company Overview
9.13.1 Metlife Insurance Ltd – Key Facts
9.13.2 Metlife Insurance Ltd – Key Financials
10 Business Environment And Country Risk
10.1 Business Confidence
10.1.1 Market Capitalization Trend – Australian Securities Exchange, Australia
10.2 Economic Performance
10.2.1 Gdp At Constant Prices (us$)
10.2.2 Gdp Per Capita At Constant Prices (us$)
10.2.3 Gdp At Current Prices (us$)
10.2.4 Gdp Per Capita At Current Prices (us$)
10.2.5 Inflation Rate
10.2.6 Exports As A Percentage Of Gdp
10.2.7 Imports As A Percentage Of Gdp
10.2.8 Merchandise Exports Growth
10.2.9 Merchandise Imports Growth
10.2.10 Annual Average Exchange Rate Aud–us$
10.3 Infrastructure
10.3.1 Total Internet Subscribers
10.4 Labor Force
Life Insurance in Australia, Key Trends and Opportunities to 2018

4. 10.4.1 Labor Force
10.4.2 Unemployment Rate
10.5 Demographics
10.5.1 Household Consumption Expenditure (us$)
10.5.2 Total Population
10.5.3 Urban And Rural Population
10.5.4 Age Distribution Of The Total Population
11 Appendix
11.1 Methodology
11.2 Contact Timetric
11.3 About Timetric
11.4 Timetric’s Services
11.5 Disclaimer
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Life Insurance in Australia, Key Trends and Opportunities to 2018