General Insurance Industry Review 2014 - KPMG Australia
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General Insurance Industry Review 2014

General Insurance Industry Review 2014

In the 12 months to 30 June 2014, Australia’s insurers have delivered record post-GFC profit results, driven by earnings from increasing premiums, a quieter weather event period and a focus on expense discipline. However, significant challenges lie ahead as the rate of growth in premium increases slows due to increasing competitive pressures as online insurers, aggregators, and non-traditional players continue to emerge and gain market share.


Partner, Audit, Assurance & Risk Consulting

KPMG Australia


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General Insurance Industry Review 2014

KPMG's 2014 General Insurance Industry Review includes the financial results of general insurers that represent a significant part of the Australian market.

Key findings

  • Overall profits have increased 8.3 percent during the year to $4,958 million, up from $4,580 million in 2013.
  • With the growth in earned premiums and a stable claims environment, the current year loss ratio of 61.6 percent is at its lowest level in the past 5 years.
  • Several insurers have announced a strategic focus on underwriting discipline with respect to pricing and risk selection, focusing on higher margin business with lower claim frequencies.
  • The industry's capital coverage is in one of the strongest positions it has ever been at 1.9 times the APRA minimum requirement, compared to 1.82 times in 2013.
  • Expense reduction and improving the customer experience continue to be key focus areas as insurers focus on technological transformations to streamline policy and claims management systems.

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