IBISWorld updates report on life insurance industry in Australia

Insurance News on Insurance Market Calculations

Report suggests the industry is struggling due to lingering economic woes Market research and analysis firm IBISWorld has made updates to one of its reports concerning the state of the life insurance industry in Australia. The report had initially noted that the industry has been showing signs of progress due to growing demand for traditional life insurance coverage. The firm has updated the report to show that this demand is not being reflected in the life insurance industry’s revenue performance. IBISWorld suggests that poor revenues seen throughout the industry are…

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Mortality protection gap for life insurance in Australia nears $1 trillion

According to Swiss Reinsurance Co., the life insurance mortality protection gap in Australia has reached almost $1 trillion. Since 2000, estimates from Swiss Re. about the gap – that is, the size of the needed protection that is not protected by funding from savings or insurance – has risen by $432 billion to reach $972 billion. These figures were the outcomes of a survey conducted with 1000 participants who are working individuals between the ages of 20 and 40 in Melbourne and Sydney. According to the head of the life…

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