NEW YORK, Nov. 25, 2014 /PRNewswire/ -- Synopsis
The report provides in-depth market analysis, information and insights into the Australian reinsurance segment, including:
- The Australian reinsurance segment's growth prospects by category
- Key trends and drivers for the reinsurance segment
- The Australian reinsurance segment's growth prospects by reinsurance ceded from direct insurance
- The competitive landscape of the Australian reinsurance segment
Australia is prone to natural disasters such as floods, cyclones, earthquakes, bushfires and storms. With such an increase in catastrophic events, Australia recorded an increased reinsurance rates ranging from 50–75% during 2011 and 2012. There were eight natural disasters in 2010, of which five were floods, a tropical cyclone and two major storms. The Queensland flood was the worst of these, which occurred in December 2010. The total reinsurance accepted recorded a review-period compound annual growth rate (CAGR) of 3.7%. The reinsurance ceded by the insurers grew at a review-period CAGR of 2.4%. Non-life insurance is the largest category, ceding 30.5% in 2013, followed by life insurance with 8.1% and personal accident and healthcare insurance with the remaining 4.0%.
The Terrorism Insurance (TI) Act 2003 is enacted by the Australian government after the insurers withdrew coverage for damages caused by terrorism, following the September 11, 2001 attacks on the US. The Australian Reinsurance Pool Corporation (ARPC), a statutory authority, was established under this act. Its role is to establish and provide reinsurance for insurers who claim risk of terrorism losses.
This report provides a comprehensive analysis of the reinsurance segment in Australia:
- It provides historical values for Australia's reinsurance 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 Australia's reinsurance segment, along with market forecasts until 2018.
- It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in Australia, and its growth prospects.
Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Australian reinsurance segment and each sector within it
- Understand the demand-side dynamics, key market trends and growth opportunities in the Australian reinsurance 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
- The premium accepted in the reinsurance segment increased at a compound annual growth rate (CAGR) of 3.7%.
- The treaty reinsurance category accounted for 26.5% of the reinsurance premium in 2013, while the facultative reinsurance category accounted for the remaining 74.5%.
- Non-life insurance ceded the highest percentage, with 30.5% in 2013.
- The total premium ceded is expected to grow at a CAGR of 4.2% over the forecast period.
- Munich Re is the leading reinsurer, which posted a share of 17.8% in 2013, in terms of reinsurance written premium.
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