Insurance industry in Australia - statistics & facts
Insurance in Australia is one of the nation’s largest industries, covering everything from general to health and life insurance. The gross value added (GVA) of the financial and insurance service industry is measured in billions of Australian dollars, providing a boost to the country’s gross domestic product (GDP). The Australian market is also extremely valuable for the insurance industry, with the total assets of insurance companies worth hundreds of billions of U.S. dollars. Aside from general insurance products such as home and contents or vehicle insurance, many people in Australia have some form of health coverage. In addition, life insurance policies are becoming more common among Australians, providing peace of mind for many customers.
