Health Insurance Online :: News
SHARE

Share this news item!

Australia's Insurance Market Set to Surpass $144 Billion by 2029

Understanding the Drivers Behind Australia's Expanding Insurance Sector

Australia's Insurance Market Set to Surpass $144 Billion by 2029?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The Australian general insurance industry is on a trajectory of significant growth, with direct written premiums (DWP) projected to exceed $144 billion by 2029.
This forecast, provided by data and analytics firm GlobalData, indicates a substantial increase from the $94.7 billion recorded in 2024, reflecting a compound annual growth rate (CAGR) of approximately 8.8% over the five-year period.

Several factors are contributing to this anticipated expansion. A primary driver is the escalating demand for insurance coverage in response to the increasing frequency and severity of natural disasters. As climate change continues to impact weather patterns, Australians are becoming more aware of the risks posed by events such as bushfires, floods, and storms, leading to a heightened emphasis on securing adequate insurance protection.

Additionally, the personal accident and health insurance segment, which accounted for 34.2% of DWP in 2024, is expected to maintain its prominence. This trend is indicative of a growing public consciousness regarding health and safety, prompting individuals to invest more in policies that offer financial security against personal injuries and health-related issues.

For tradespeople and small business owners in Australia, these developments have several implications. The projected growth in the insurance market suggests a more competitive landscape, potentially leading to a wider array of insurance products tailored to the specific needs of the trades sector. This could result in more comprehensive coverage options and possibly more favorable premium rates as insurers vie for market share.

However, the increased incidence of natural disasters also underscores the importance of ensuring that insurance policies are up-to-date and provide adequate coverage for potential risks. Trades professionals should regularly review their insurance portfolios to confirm that their policies align with their current operational needs and risk exposures.

Furthermore, the expansion of the personal accident and health insurance market presents an opportunity for tradespeople to consider additional coverage that safeguards against income loss due to injury or illness. Given the physical demands of trade work, having robust personal accident and health insurance can provide peace of mind and financial stability in the event of unforeseen circumstances.

In conclusion, the projected growth of Australia's insurance industry offers both opportunities and challenges for tradespeople and small business owners. Staying informed about market trends and proactively managing insurance coverage will be key to navigating this evolving landscape effectively.

Published:Thursday, 1st Jan 2026
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

TAL's Health Sense Plus Now Covers Income Protection
TAL's Health Sense Plus Now Covers Income Protection
02 Jan 2026: Paige Estritori
In a strategic move to make life insurance more relevant to younger Australians, TAL has expanded its Health Sense Plus program to encompass income protection policies. This initiative allows advisers to offer clients enhanced value through a straightforward preventative health engagement. - read more
APRA Calls for Sustainable Reforms in Income Protection Insurance
APRA Calls for Sustainable Reforms in Income Protection Insurance
02 Jan 2026: Paige Estritori
The Australian Prudential Regulation Authority (APRA) has expressed concerns regarding the sustainability of income protection insurance, following significant losses within the industry. Over a five-year period, insurers have reported losses totaling $2.5 billion on this product. - read more
HCF Life Recognised for Excellence in Income Protection Insurance
HCF Life Recognised for Excellence in Income Protection Insurance
02 Jan 2026: Paige Estritori
HCF Life, part of Australia's largest not-for-profit health fund, has been honored with the 'Best for Income Protection Insurance (Direct)' award by WeMoney for the third consecutive year. This accolade underscores HCF Life's commitment to providing competitive and customer-focused insurance products. - read more
Significant Drop in Australian Commercial Insurance Rates
Significant Drop in Australian Commercial Insurance Rates
02 Jan 2026: Paige Estritori
In a notable development for Australian businesses, commercial insurance rates have experienced a significant decline. According to Marsh's Global Insurance Market Index, the Australia-Pacific market saw an 8% drop in commercial rates during the fourth quarter of 2024, marking the most substantial decrease globally. - read more
Rapid Growth of Australian Insurtech Sector Signals Industry Transformation
Rapid Growth of Australian Insurtech Sector Signals Industry Transformation
02 Jan 2026: Paige Estritori
The Australian insurtech sector is experiencing rapid growth, introducing innovations that are set to transform the insurance landscape. A recent report titled 'Insurtech Down Under: Trends, Tech and Triumphs' highlights the sector's expansion and its potential to enhance efficiency, security, and customer engagement within the industry. - read more


Health Insurance Articles

5 Tips to Save on Health Cover as an Australian Senior
5 Tips to Save on Health Cover as an Australian Senior
Finding the right health insurance coverage is a critical concern for Australian seniors, who often face the dual challenge of managing chronic health conditions and maintaining financial stability in retirement. As the cost of healthcare continues to rise, the importance of securing an affordable health cover that still meets their needs cannot be overstated. - read more
The Ultimate Guide to Comparing Health Insurance Plans in Australia
The Ultimate Guide to Comparing Health Insurance Plans in Australia
Australia is renowned for its iconic landmarks, diverse ecosystems, and robust healthcare system. While the public healthcare system, Medicare, provides essential health services, it might not cover everything. The allure of private health coverage lies in its promise of broader options, reduced wait times, and coverage for services not included in Medicare, like dental and optical care. - read more
Keeping Your Family Protected: The Importance of Adequate Health Insurance Coverage
Keeping Your Family Protected: The Importance of Adequate Health Insurance Coverage
The modern Australian family faces a dynamic and ever-evolving set of health needs, with access to quality healthcare remaining a cornerstone of managing our wellbeing. As these needs shift through the different stages of life, the assurance of having a safety net in place can provide unparalleled peace of mind. It's this sense of security that makes adequate health insurance coverage indispensable in today's fast-paced society. - read more
Demystifying Individual Coverage: Your Guide to Personal Health Insurance in Australia
Demystifying Individual Coverage: Your Guide to Personal Health Insurance in Australia
In the realm of securing one’s health and wellbeing, navigating the Australian health insurance landscape can be as critical as the care received. It stands as a complex tapestry, woven with policies, premiums, and government incentives, affecting individuals and families nationwide. - read more
Understanding Health Insurance: A Starter's Guide for Young Australians
Understanding Health Insurance: A Starter's Guide for Young Australians
Embarking on the journey of understanding health insurance is a pivotal stride for young Australians. It's a proactive step that embodies responsibility for one's well-being and financial foresight. Health insurance can often seem like a complex affair reserved for a future self, but grappling with its intricacies early can be both economically savvy and health-conscious. - read more


Your free Heatlth insurance quote comparison starts here!
First Name:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Coverage:
The amount of risk or liability covered for an individual or entity by way of insurance services.