Cyber Insurance Online :: News
SHARE

Share this news item!

Australia's Insurance Market Set to Surpass $144 Billion by 2029

Understanding the Drivers Behind Australia's Expanding Insurance Sector

Australia's Insurance Market Set to Surpass $144 Billion by 2029?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The Australian general insurance industry is on a trajectory of significant growth, with direct written premiums (DWP) projected to exceed $144 billion by 2029.
This forecast, provided by data and analytics firm GlobalData, indicates a substantial increase from the $94.7 billion recorded in 2024, reflecting a compound annual growth rate (CAGR) of approximately 8.8% over the five-year period.

Several factors are contributing to this anticipated expansion. A primary driver is the escalating demand for insurance coverage in response to the increasing frequency and severity of natural disasters. As climate change continues to impact weather patterns, Australians are becoming more aware of the risks posed by events such as bushfires, floods, and storms, leading to a heightened emphasis on securing adequate insurance protection.

Additionally, the personal accident and health insurance segment, which accounted for 34.2% of DWP in 2024, is expected to maintain its prominence. This trend is indicative of a growing public consciousness regarding health and safety, prompting individuals to invest more in policies that offer financial security against personal injuries and health-related issues.

For tradespeople and small business owners in Australia, these developments have several implications. The projected growth in the insurance market suggests a more competitive landscape, potentially leading to a wider array of insurance products tailored to the specific needs of the trades sector. This could result in more comprehensive coverage options and possibly more favorable premium rates as insurers vie for market share.

However, the increased incidence of natural disasters also underscores the importance of ensuring that insurance policies are up-to-date and provide adequate coverage for potential risks. Trades professionals should regularly review their insurance portfolios to confirm that their policies align with their current operational needs and risk exposures.

Furthermore, the expansion of the personal accident and health insurance market presents an opportunity for tradespeople to consider additional coverage that safeguards against income loss due to injury or illness. Given the physical demands of trade work, having robust personal accident and health insurance can provide peace of mind and financial stability in the event of unforeseen circumstances.

In conclusion, the projected growth of Australia's insurance industry offers both opportunities and challenges for tradespeople and small business owners. Staying informed about market trends and proactively managing insurance coverage will be key to navigating this evolving landscape effectively.

Published:Thursday, 1st Jan 2026
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

CHU's 2025 Report Shows Stability in Strata Insurance Premiums Amid Climate and Regulatory Shifts
CHU's 2025 Report Shows Stability in Strata Insurance Premiums Amid Climate and Regulatory Shifts
22 Jan 2026: Paige Estritori
CHU, Australia's leading strata insurance underwriting agency, has released its 2025 State of the Strata Market report, providing a comprehensive analysis of the current state of the industry. The report offers valuable insights into premium movements, the impact of weather events, regulatory developments, and emerging risks affecting strata insurance. - read more
ICA Calls for Strata Law Reforms to Address Rising Insurance Costs in Victoria
ICA Calls for Strata Law Reforms to Address Rising Insurance Costs in Victoria
22 Jan 2026: Paige Estritori
The Insurance Council of Australia (ICA) has recently called for substantial reforms to Victoria's strata legislation, citing a direct correlation between inadequate governance and escalating insurance premiums for residents. With approximately one in five Victorians residing in strata-titled properties, the need for effective management and oversight has become increasingly critical. - read more
Sure Insurance Expands Strata Coverage to $20 Million to Enhance Affordability in Northern Queensland
Sure Insurance Expands Strata Coverage to $20 Million to Enhance Affordability in Northern Queensland
22 Jan 2026: Paige Estritori
In a significant move to address the longstanding issue of insurance affordability in Northern and Regional Queensland, Sure Insurance has announced an increase in its residential strata insurance coverage from $5 million to $20 million. This strategic enhancement aims to provide body corporates and lot owners with more competitive premium options and improved access to essential insurance services. - read more
Artificial Intelligence: The Foremost Risk for Australian Enterprises
Artificial Intelligence: The Foremost Risk for Australian Enterprises
22 Jan 2026: Paige Estritori
In a significant shift within the Australian business landscape, artificial intelligence (AI) has ascended to the top of the risk agenda for local enterprises. According to Allianz's annual global risk survey, 61% of Australian executives now identify AI as their primary concern, marking the first instance where this technology has led the risk list in Australia. This represents a substantial leap from its eighth-place ranking in the previous year. - read more
ASIC's 2026 Enforcement Agenda: Implications for the Insurance Industry
ASIC's 2026 Enforcement Agenda: Implications for the Insurance Industry
22 Jan 2026: Paige Estritori
The Australian Securities and Investments Commission (ASIC) has unveiled its enforcement priorities for 2026, placing a significant emphasis on the insurance sector. Key areas of focus include failures in insurance claims and complaints handling, as well as misleading pricing practices that may impact Australians' cost of living. - read more


Cyber Insurance Articles

Assessing Your Data Vulnerabilities: A Checklist for Australian Businesses
Assessing Your Data Vulnerabilities: A Checklist for Australian Businesses
In today's rapidly evolving cyber landscape, Australian businesses must prioritize data security more than ever before. As companies continue to digitize operations and store sensitive data electronically, the need for robust cybersecurity measures has become paramount. This introduction lays the foundation for understanding the criticality of protecting your company's most valuable asset—its data. - read more
Cyber Insurance 101: What Every Australian Business Owner Needs to Know
Cyber Insurance 101: What Every Australian Business Owner Needs to Know
Cyber insurance, also known as cyber liability insurance, is a type of coverage designed to protect businesses from the financial repercussions of cyber attacks and data breaches. As cyber threats become more sophisticated, the need for a safety net to mitigate the impact of such incidents has grown significantly. - read more
Before You Apply for Cyber Insurance: What You’ll Be Asked (and What It Really Means)
Before You Apply for Cyber Insurance: What You’ll Be Asked (and What It Really Means)
Cyber insurance is one of the most valuable business covers available today, but it is also one of the most confusing to apply for. Many business owners expect it to work like other insurance types, where you provide basic details such as turnover, industry, and location, then receive a quote. Cyber insurance is different. It behaves less like a simple application and more like a risk interview. - read more
The Importance of Cyber Risk Management in Modern Business
The Importance of Cyber Risk Management in Modern Business
Cyber risk management involves identifying, assessing, and prioritizing potential risks to an organization's digital assets and implementing measures to mitigate these threats. - read more
Protecting Sensitive Data: Cyber Threat Prevention for Remote Teams
Protecting Sensitive Data: Cyber Threat Prevention for Remote Teams
Remote work has seen a significant rise in Australia, especially following the COVID-19 pandemic. More businesses are embracing flexibility, allowing employees to work from home or other remote locations. - read more


Your free Cyber insurance quote comparison starts here!
First Name:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Beneficiary:
The person or entity designated to receive the death benefit from a life insurance policy.