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Report Overview
The Australia life and non-life insurance market, valued at AUD 116.58 billion in 2025, has experienced significant growth, driven by the provision of financial security for families and protection against death or disability risks. The market is expected to grow at a compound annual growth rate (CAGR) of 2.90% from 2026 to 2035, potentially reaching AUD 155.16 billion by 2035, as competitive pricing and customised policies make protection more accessible for both individuals and businesses.
- The general insurance industry has recorded a net profit after tax of $4.6 billion for the year ending June 2023.
- As per the Australian Prudential Regulation Authority, claims incurred have increased by 186% with a value of $6.95 Billion in 2022.
- According to the Australian Bureau of Statistics, Western Australia and Victoria have recorded a population change of 3.3% and 2.9% respectively from the previous year.
Compound Annual Growth Rate
2.9%
Value in AUD billion
2026-2035
Non-life insurance is driving the Australia life and non-life insurance market growth as it protects against specific risks and losses that are provided compared to other insurance.
The Australian life and non-life insurance market is thriving, as non-life insurance addresses specific risks and losses through various products such as motor, health, travel, and home insurance, catering to the diverse needs and preferences of consumers. It protects from unforeseen events or risks provides financial assistance and helps individuals and businesses to manage and mitigate risks.
| Australia Life and Non-Life Insurance Market Report Summary | Description | Value |
| Base Year | AUD billion | 2025 |
| Historical Period | AUD billion | 2019-2025 |
| Forecast Period | AUD billion | 2026-2035 |
| Market Size 2025 | AUD billion | 116.58 |
| Market Size 2035 | AUD billion | 155.16 |
| CAGR 2019-2025 | Percentage | XX% |
| CAGR 2026-2035 | Percentage | 2.90% |
| CAGR 2026-2035 - Market by Region | Australian Capital Territory | 3.6% |
| CAGR 2026-2035 - Market by Region | Western Australia | 3.3% |
| CAGR 2026-2035 - Market by Insurance Type | Life Insurance | 3.4% |
| CAGR 2026-2035 - Market by Distribution Channel | Direct | 4.1% |
| Market Share by Region 2025 | Western Australia | 16.4% |
The approvals of private-sector dwellings have risen by 19.5% which will lead to increasing purchases of home insurance products. Therefore, according to the Australian Prudential Regulation Authority, homeowners and householders’ insurance product performance has increased to $13,674 in 2022 which indicates the substantial Australia life and non-life insurance market growth.
According to the Australian Prudential Regulation Authority, the gross incurred claims in New South Wales and Queensland are reflected higher with the value of $4,532M and $3,544M respectively.
"Australia Life and Non-Life Insurance Market Report and Forecast 2026-2035" offers a detailed analysis of the market based on the following segments:
Market Breakup by Insurance Type
- Life Insurance
- Non-Life Insurance
Market Breakup by Distribution Channel
- Direct
- Brokers
- Banks
- Others
Market Breakup by Region
- New South Wales
- Victoria
- Queensland
- Australian Capital Territory
- Western Australia
- Others
Australia Life and Non-life Insurance Market Share
Insurance brokers act as intermediaries between insurance companies and customers, offering personalised advice, comparing policies from multiple insurers, and assisting with claims. They play a crucial role in simplifying the insurance process for individuals and businesses, providing expertise and access to a wide range of insurance products tailored to specific needs.
| CAGR 2026-2035 - Market by | Region |
| Australian Capital Territory | 3.6% |
| Western Australia | 3.3% |
| Victoria | 3.0% |
| New South Wales | XX% |
| Queensland | XX% |
| Others | XX% |
Leading Companies in the Australia Life and Non-life Insurance Market
The growth of the life and non-life insurance market is fuelled by increasing individuals' focus towards insurance products to safeguard their items from uncertainty and risks.
- Insurance Australia Limited
- AIA Australia Group
- Zurich Financial Services Australia Ltd
- Medibank Private Limited
- ClearView Life Assurance Limited
- Cover-More Insurance Services Pty Limited
- AMP Limited
- Nib Travel Insurance Distribution Pty Limited
- Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Key Questions Answered in the Report
The market is projected to grow at a CAGR of 2.90% between 2026 and 2035.
Based on the insurance type, the life and non-life insurance market is bifurcated into life insurance and non-life insurance.
Key players in the industry are Insurance Australia Limited, AIA Australia Group, Zurich Financial Services Australia Ltd, Medibank Private Limited, ClearView Life Assurance Limited, Cover-More Insurance Services Pty Limited, AMP Limited, and Nib Travel Insurance Distribution Pty Limited among others.
The different distribution channels in the life and non-life insurance market include direct, brokers, banks, and others.
The market is broken down into New South Wales, Victoria, Queensland, Australian Capital Territory, Western Australia, and others.
In 2025, the Australia life and non-life insurance market reached an approximate value of AUD 116.58 billion.
The market is estimated to witness healthy growth in the forecast period of 2026-2035 to reach a value of around AUD 155.16 billion by 2035.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| Report Features | Details |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Insurance Type |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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