$30.0bn
$X.Xbn
16,851
31
$X.Xbn
The Health Insurance industry is an integral part of the Australian health system, providing insurance coverage for a growing proportion of the population. Revenue is expected to climb at an annualised 0.1% over the five years through 2023-24 to an estimated $30.0 billion. Slow premium revenue growth, alongside volatile investment revenue, has stifled the performance of health insurers. Investment recovery and a surge in healthcare premium revenue in recent years have caused a rebound in industry revenue, including an expected 3.0% in 2023-24.
Industry revenue has grown at a CAGR of 0.1 % over the past five years, to reach an estimated $30.0bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 |
---|---|---|
Bupa ANZ Insurance | 7,507.2 | |
Medibank Private | 7,458.2 | |
HCF | 3,951.5 |
To view the market share and analysis for all 9 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including General treatment cover, Hospital treatment cover and Combined cover. General treatment cover is the largest segment of the Health Insurance in Australia.
Combined cover reigns supreme for health insurance shoppers
Industry insurers primarily underwrite insurance policies relating to health and medical risks. Underwriting insurance policies involves assuming risks and assigning premiums. Health insurers provide insurance cover for hospital, medical, dental and pharmaceutical expenses or costs. Health insurers generate revenue through insurance underwriting and returns from investing premiums.
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ANZSIC 6321 - Health Insurance in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
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Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
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Learn about the performance of the top companies in the industry.
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The share of the population aged 50 and older is gaining momentum. As this proportion continues to creep up, private health insurers will see more demand for their policies a...
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Insurers have capitalised on surging revenue in recent years. Health insurers have justified premium hikes through rising costs. Record profit margins have been facilitated b...
Including values and annual change:
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Key data sources in Australia include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Health Insurance industry in Australia is $30.0bn in 2024.
There are 31 businesses in the Health Insurance industry in Australia, which has declined at a CAGR of 2.4 % between 2019 and 2024.
The market size of the Health Insurance industry in Australia has been growing at a CAGR of 0.1 % between 2019 and 2024.
Over the next five years, the Health Insurance industry in Australia is expected to grow.
The biggest companies operating in the Health Insurance market in Australia are Bupa ANZ Insurance, Medibank Private and HCF
General treatment cover and Hospital treatment cover are part of the Health Insurance industry.
The company holding the most market share in Australia is Bupa ANZ Insurance.
The level of competition is high and increasing in the Health Insurance industry in Australia.