Fluctuations in investment returns have caused significant revenue volatility for the Life Insurance industry over the past five years. Sharemarkets dipped in 2011-12 before posting strong returns over 2012-13. The introduction of the MySuper laws have boosted premium income during this period, with industry revenue forecast to rise at an annualised 3.7% over the five years through 2015-16, to total $78.6 billion. Investment revenue is forecast to ease in 2015-16 as markets settle, contributing to an expected decline of 1.8% for the current year.
Companies in this 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, there may be exclusions that limit the insurer's liability.
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.