Published on : Apr 27, 2016
ALBANY, New York, April 27, 2016: The research study provides a comprehensive analysis of the historical and the current performance of Australia market for personal accident and health insurance, emphasizing on the latest and upcoming market trends as well as opportunities the market is projected to gain in the coming years. The regulatory framework associated with the personal accident and health insurance in this country, important market practices, and significant regulations and policies have also been discussed at length in this market report.
According to the research report, in 2015 the personal accident and health insurance market accounted for a share of 18.4% in the gross written premium of the Australia insurance market.
The rising base of geriatric population, together with the increasing incidence of fatal diseases in Australia, has fueled the demand for health insurance in this country over the last few years. Apart from this, the growing number of accidents has compelled individuals to opt for accidental insurance policies in the recent past. Both the factors have propelled the Australia personal accident and health insurance market remarkably during the period from 2011 to 2015.
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Brokers are the main distribution channel in the Australia market for personal accident and health insurance, notes the research study. However, the increasing usage of online platforms among consumers to buy private health insurance policies in the country is likely to limit the role of brokers in this market.
The research report also offers an in-depth study of the competitive landscape of the Australia personal accident and health insurance market. It examines the company profiles of the major participants operating in this market to determine the market’s hierarchy.
As per the study, the Australia personal accident and health insurance market is highly concentrated. The top ten insurance companies in this market held a share of 91.2% in the gross written premium of the overall market in 2014. Health insurance providers are expanding their product portfolios beyond core health insurance in order to retain their market shares in the extremely competitive environment.
Medibank Private Ltd., Bupa Australia Health Pty Ltd., The Hospitals Contribution Fund of Australia Ltd., nib Health Funds Ltd., HBF Health Ltd., Australian Unity Health Ltd., Teachers Federation Health Ltd., GMHBA Ltd., Defence Health Ltd., and CBHS Health Fund Ltd. are the major players in the Australia personal accident and health insurance market, profiled in this research study.
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