Insurance Online :: News
SHARE

Share this news item!

Australian Life Insurance Market Set for Steady Growth

Premiums Projected to Reach $30.5 Billion by 2029

Australian Life Insurance Market Set for Steady Growth?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.

Australia's life insurance sector is on track for moderate expansion over the next four years, with gross written premiums (GWP) forecasted to increase from $26.2 billion in 2025 to $30.5 billion by 2029.
This represents a compound annual growth rate (CAGR) of 3.9%, according to recent analysis by GlobalData.

Several factors are contributing to this anticipated growth:

  • Economic Recovery: As the Australian economy continues to recover, improved household income and spending are expected to support demand for life insurance products.
  • Aging Population: An aging demographic is likely to drive increased interest in life insurance as individuals seek to secure financial protection for their families.
  • Heightened Awareness: Greater public awareness of health and financial planning is encouraging more Australians to consider life insurance as a vital component of their financial portfolios.

It's noteworthy that the life insurance sector experienced a significant decrease of 24.4% in GWP in 2024, attributed to changes in accounting standards following the adoption of IFRS 17. However, the market is poised to rebound, with steady growth projected in the coming years.

For consumers, this growth trajectory suggests a competitive market with potentially more options and tailored products. It's an opportune time to assess life insurance needs and explore policies that align with individual financial goals and family requirements.

As the industry evolves, staying informed about market trends and understanding the factors influencing premium rates will empower consumers to make well-informed decisions regarding their life insurance coverage.

Published:Friday, 26th Dec 2025
Source: Paige Estritori

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

Share this news item:

Insurance News

Australian Insurers Falling Behind in Cyber Risk Preparedness
Australian Insurers Falling Behind in Cyber Risk Preparedness
26 Dec 2025: Paige Estritori
Recent findings from the PwC Insurance Banana Skins Survey reveal that Australian insurers are trailing their global counterparts in preparedness for emerging risks, particularly in the realms of cyber threats and artificial intelligence (AI). This lag poses significant challenges as the industry confronts an increasingly complex risk landscape. - read more
Australian General Insurers Report Decade-High Return on Equity
Australian General Insurers Report Decade-High Return on Equity
26 Dec 2025: Paige Estritori
Australia's general insurance industry has reported a remarkable 19% return on equity (ROE) for the financial year 2025 (FY25), marking the highest level in a decade. This significant achievement is detailed in the latest Optima Report by actuarial consultancy Finity, which attributes the strong performance to a combination of favorable factors. - read more
Australian Life Insurance Market Set for Steady Growth
Australian Life Insurance Market Set for Steady Growth
26 Dec 2025: Paige Estritori
Australia's life insurance sector is on track for moderate expansion over the next four years, with gross written premiums (GWP) forecasted to increase from $26.2 billion in 2025 to $30.5 billion by 2029. This represents a compound annual growth rate (CAGR) of 3.9%, according to recent analysis by GlobalData. - read more
EQT's Bold Move: A $3.41 Billion Bid for AUB Group
EQT's Bold Move: A $3.41 Billion Bid for AUB Group
18 Dec 2025: Paige Estritori
In a significant development within the Australian insurance sector, Swedish private equity firm EQT has extended a takeover offer for AUB Group, valuing the insurance broking company at A$5.25 billion (US$3.41 billion). This proposal includes a price of A$45 per share, representing a 25.1% premium over AUB's last closing price. Following an earlier bid of A$43 per share, AUB has granted EQT exclusive access to its financial records for six weeks starting October 8 under a confidentiality agreement. - read more
Suncorp's Strong Financial Performance: $1.49 Billion Profit and Share Buyback
Suncorp's Strong Financial Performance: $1.49 Billion Profit and Share Buyback
18 Dec 2025: Paige Estritori
Australian insurer Suncorp has reported stronger-than-expected full-year cash earnings of A$1.49 billion for the fiscal year ending June 30, 2025, surpassing the consensus estimate of A$1.47 billion. Statutory profit surged 52% to A$1.82 billion due to one-off gains from the sale of its banking operations. The company, now solely a general insurer, benefited from improved insurance margins, higher policy prices, and increased investment returns. - read more
Click for more Insurance News


Insurance Articles

Unlocking the Best Business Insurance: A Guide for Aussie Entrepreneurs
Unlocking the Best Business Insurance: A Guide for Aussie Entrepreneurs
Welcome to the guide designed to navigate Australian entrepreneurs through the intricate world of business insurance. In an era where risks are as diverse as they are frequent, choosing the right insurance is not just prudent—it's a critical element of sustaining and growing your enterprise. - read more
Protecting Your Legacy: Estate Planning and Life Insurance for Australians
Protecting Your Legacy: Estate Planning and Life Insurance for Australians
When thinking about the future, it's essential to have a comprehensive strategy that ensures the well-being of your loved ones and the security of your assets. Estate planning and life insurance are two critical pillars in safeguarding your family's financial stability. Despite the complexity often associated with these topics, understanding their importance and implementing them correctly can provide immense peace of mind. - read more
Navigating Business Interruption Insurance: A Lifeline for SMEs
Navigating Business Interruption Insurance: A Lifeline for SMEs
Understanding the safeguards available to protect businesses during times of unexpected adversity is crucial, especially for Small and Medium-sized Enterprises (SMEs). Chief among these safeguards is business interruption insurance. This form of coverage is designed to offer financial assistance to businesses that endure losses due to unforeseeable disruptions. - read more
Comparing Comprehensive, Third Party, and Third Party Fire and Theft: Which Car Insurance is Right for You?
Comparing Comprehensive, Third Party, and Third Party Fire and Theft: Which Car Insurance is Right for You?
Car insurance is a crucial aspect of vehicle ownership in Australia, offering protection and peace of mind in the event of an accident or other unforeseen circumstances. However, with numerous options available on the market, choosing the right policy can be overwhelming. In this article, we'll explore the main types of car insurance available to help you understand your choices. - read more
Common Cyber Threats Facing Small Businesses and How Insurance Can Help
Common Cyber Threats Facing Small Businesses and How Insurance Can Help
In today's digital age, cybersecurity has become a critical factor for businesses of all sizes. Small businesses, in particular, are increasingly targeted by cybercriminals due to their perceived vulnerabilities. Cybersecurity involves implementing measures to protect computer systems, networks, and data from malicious attacks. Ensuring robust cybersecurity can significantly reduce the risks of data breaches, ransomware, and other cyber threats that could disrupt business operations. - read more


Your free 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
Copayment:
A fixed amount you pay for a covered healthcare service, usually when you receive the service.

Quick Links: | Personal And Business Insurance Quotes | Compare Insurance Online | Insurance Brokers Australia | Best Personal Insurance | Business Insurance Comparison | Insurance Coverage Options | Life Insurance Quotes | Income Protection Insurance | Public Liability Insurance | Small Business Insurance | Insurance Calculator
This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.
IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.