$15.8bn
$X.Xbn
15,507
81
$X.Xbn
The Home and Contents Insurance industry's revenue has continued to climb in response to skyrocketing premiums. A considerable number of expensive claims arising from floods, cyclones and bushfires has incentivised insurers to re-analyse their premium prices and move quickly to pass on their risk costs. Natural disasters' high frequency and magnitude in recent years have also stoked demand for home and contents risk coverage, despite the burden of higher premiums on policyholders’ budgets. A higher-than-average number of claims and pricier claim values have led insurers to raise premiums to maintain profitability. Home and contents insurance revenue jumped at an annualised 7.0% over the five years through 2023-24 to reach an anticipated $15.8 billion. This trend includes a 14.7% leap in revenue expected this year on the back of returns from heightened premiums. Investment revenue streams are also in the spotlight, as insurers have begun to generate consistent returns in the wake of the COVID-19 pandemic and smoothing supply chain disruptions.
Industry revenue has grown at a CAGR of 7.0 % over the past five years, to reach an estimated $15.8bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 |
---|---|---|
QBE Insurance | 3,598.4 | |
IAG | 3,442.0 | |
Suncorp | 3,010.0 |
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Industry revenue is measured across several distinct product and services lines, including Strata insurance, Disaster insurance and Contents insurance. Strata insurance is the largest segment of the Home and Contents Insurance in Australia.
Disaster insurance has dominated the industry over the past few years
Industry providers underwrite home and contents insurance policies that protect against loss or damage to property due to theft, fire and other causes. Home and Contents Insurance is a type of general insurance. Policies that are underwritten by insurers also protect against personal liability that may arise from injury on an insured person’s property.
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ANZSIC 6322 - Home and Contents Insurance in Australia
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Including values and annual change:
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Key data sources in Australia include:
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These sources include:
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The market size of the Home and Contents Insurance industry in Australia is $15.8bn in 2024.
There are 81 businesses in the Home and Contents Insurance industry in Australia, which has declined at a CAGR of 2.5 % between 2019 and 2024.
The market size of the Home and Contents Insurance industry in Australia has been growing at a CAGR of 7.0 % between 2019 and 2024.
Over the next five years, the Home and Contents Insurance industry in Australia is expected to grow.
The biggest companies operating in the Home and Contents Insurance market in Australia are QBE Insurance, IAG and Suncorp
Contents insurance and Disaster insurance are part of the Home and Contents Insurance industry.
The company holding the most market share in Australia is QBE Insurance.
The level of competition is high and increasing in the Home and Contents Insurance industry in Australia.