Life insurers protect millions of Australian families and businesses from the financial hardship that arises from death, disability and trauma. Loss of income is the most common effect of such life events and is a subsequent cause of financial problems. For example, most families would struggle to meet financial obligations such as mortgage repayments, utility bills and food costs should the primary breadwinner die without insurance. However, with cover the insurer pays cash to the deceased's dependants, ideally allowing them to meet these needs.
Companies in the Life Insurance industry provide life insurance cover and life-based investment products. Life insurance (or life assurance) is a contract obligating the insurer to pay designated beneficiaries a sum of money in the event of the insured individual's death, disablement, or serious illness or injury. As with all insurance contracts, exclusions may apply that limit the insurer's liability, and typically include suicide, riot or war.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.