Abstract
General trends and competitiveness of Australian life insurance industry
Highlights
At present, Australian life insurance industry is a significant part of the country’s financial services sector
The main aims of the paper are as follow: i) defining the most effective research methodology for insurance market competitiveness assessment; ii) describing the historical and current Australian life insurance industry trends and peculiarities; analyzing the impact of life and non-life insurance market on economic growth; iii) calculation and estimation of the rates of change in life insurers’ number and gross written life insurance premiums; iv) empirical investigation into the competitiveness of Australian life insurance industry by defining the indicators of insurance density, penetration, concentration ratios, Herfindahl-Hirschman index and other rates; v) testing the hypotheses for estimation the relationships between economic, demographic and life insurance market indicators
The penetration via total premiums has decreased during research period from 5.1 % in 1997, to 2.7 % in 2017, so deviation equal to 2.4 %
Summary
Australian life insurance industry is a significant part of the country’s financial services sector. The purpose of this paper is to analyze and to estimate the general trends and competitiveness of Australian life insurance industry. The main aims of the paper are as follow: i) defining the most effective research methodology for insurance market competitiveness assessment; ii) describing the historical and current Australian life insurance industry trends and peculiarities; analyzing the impact of life and non-life insurance market on economic growth; iii) calculation and estimation of the rates of change in life insurers’ number and gross written life insurance premiums; iv) empirical investigation into the competitiveness of Australian life insurance industry by defining the indicators of insurance density, penetration, concentration ratios, Herfindahl-Hirschman index and other rates; v) testing the hypotheses for estimation the relationships between economic, demographic and life insurance market indicators
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