Premiums were up 10% in 2023 due to repair cost inflation, reinsurance costs.
The Australian motor insurance industry is projected to grow at a compound annual growth rate (CAGR) of 9.9% from AUD24.1 billion ($16.7 billion) in 2024 to AUD35.1 billion ($23.9 billion) in 2028, in terms of direct written premiums (DWP), according to GlobalData, the data, and analytics company.
According to GlobalData’s Insurance Database, the Australian motor insurance industry is expected to grow by 12.2% in 2024, aided by increasing vehicle sales, the growing popularity of electric cars (EVs) incentivized by government subsidies, and a rise in premium prices.
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