Cyber Insurance Online :: News
SHARE

Share this news item!

Record Profits for Australian General Insurers in 2024

Industry Achieves $6.1 Billion Profit Amid Favourable Conditions

Record Profits for Australian General Insurers in 2024?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.

Australia's general insurance industry has reported an unprecedented after-tax profit of $6.1 billion for the year 2024, marking a significant milestone in the sector's financial performance.
This figure is three times higher than the five-year average of $2 billion, according to KPMG's General Insurance Insights report.

Several factors have contributed to this remarkable growth. Firstly, the year 2024 experienced milder weather conditions, leading to a reduction in natural disaster-related claims. This decrease in claims has positively impacted the profitability of insurers. Additionally, insurers have adjusted premium rates to better align with rising risk profiles and reinsurance costs, further bolstering their financial standing.

Investment income has also played a crucial role in this profit surge. The industry reported an investment income of $3.0 billion, nearly three times the historical average. This substantial return has significantly contributed to the overall profitability of general insurers.

Gross written premiums increased to $68 billion in 2024, up from $65.5 billion the previous year. Average premiums for householders' insurance rose to $1,277, while motor vehicle insurance premiums climbed to $946. These adjustments reflect the industry's response to evolving risk assessments and market conditions.

Looking ahead, the general insurance market is projected to continue its growth trajectory. According to GlobalData, direct written premiums are forecast to rise from $103.1 billion in 2025 to $146.9 billion by 2029, representing a compound annual growth rate of 9.2%. This anticipated growth is attributed to increased demand for disaster protection, inflation-driven premium adjustments, and ongoing economic recovery.

For consumers, these developments may lead to changes in premium rates and policy offerings. While the reduction in claims and increased profitability could result in more competitive pricing, the adjustments in premium rates to reflect risk profiles may lead to higher costs for some policyholders. It's essential for individuals to review their insurance policies regularly and consult with insurance professionals to ensure they have appropriate coverage that aligns with their needs and financial circumstances.

Published:Monday, 23rd Mar 2026
Author: Paige Estritori

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

Share this news item:

Insurance News

Upcoming NDIS Planning Reforms and Their Impact on Allied Health Services
Upcoming NDIS Planning Reforms and Their Impact on Allied Health Services
26 Mar 2026: Paige Estritori
The National Disability Insurance Scheme (NDIS) in Australia is undergoing significant planning reforms scheduled to commence in July 2026. These changes are poised to have a profound impact on allied health services, necessitating proactive engagement from healthcare professionals and stakeholders. - read more
Australian Private Health Insurance Premiums Set to Increase in 2026
Australian Private Health Insurance Premiums Set to Increase in 2026
26 Mar 2026: Paige Estritori
From April 1, 2026, Australian private health insurance premiums are set to rise by an average of 4.41%, marking the most significant increase since 2017. This adjustment reflects the escalating costs associated with providing medical and hospital services, which have risen by 5% over the past financial year. - read more
Artificial Intelligence Transforming Allied Health Services in Australia
Artificial Intelligence Transforming Allied Health Services in Australia
26 Mar 2026: Paige Estritori
The integration of Artificial Intelligence (AI) into allied health services across Australia is significantly enhancing patient care and streamlining clinical operations. This technological advancement is reshaping the healthcare landscape, offering innovative solutions to longstanding challenges. - read more
AUSactive's New Insurance Offering: Enhanced Protection at Lower Costs
AUSactive's New Insurance Offering: Enhanced Protection at Lower Costs
26 Mar 2026: Paige Estritori
AUSactive, Australia's leading body for the exercise and active health sector, has unveiled a new insurance solution designed specifically for fitness and active health professionals. This initiative aims to provide enhanced protection while offering lower premiums compared to existing market options. - read more
Private Health Insurers Advocate for Reforms Amid Rising Specialist Fees
Private Health Insurers Advocate for Reforms Amid Rising Specialist Fees
26 Mar 2026: Paige Estritori
Private health insurers in Australia are raising concerns over the increasing fees charged by medical specialists, which are leading to higher out-of-pocket expenses for patients and causing some to delay or cancel necessary care. A recent report by Private Healthcare Australia highlights that more than half of the surveyed patients received medical bills larger than expected, with specialist fees for in-hospital care rising by 22% over the past three years. - read more


Cyber Insurance Articles

Understanding the Risks: How Cyber Threats Can Cripple Your Business
Understanding the Risks: How Cyber Threats Can Cripple Your Business
In today's rapidly evolving digital landscape, Australian businesses face an ever-increasing array of cyber threats. From sophisticated phishing schemes to ransomware attacks, these dangers lurk in the virtual shadows, often going unnoticed until it's too late. Recognizing and understanding these cyber risks is not just important; it's crucial for the sustainability and success of any modern enterprise. - read more
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
10 Common Online Liabilities and How to Mitigate Them
10 Common Online Liabilities and How to Mitigate Them
In this digital age, online liabilities have become a crucial concern for individuals and businesses alike. At its core, an online liability refers to the potential risks and responsibilities associated with using the internet. These risks can range from data breaches to financial theft, and they have significant implications in our increasingly connected world. - read more
The Essential Guide to Cyber Insurance for Australian Businesses
The Essential Guide to Cyber Insurance for Australian Businesses
Cyber insurance is a type of insurance designed to protect businesses from internet-based risks and, more generally, from risks relating to information technology infrastructure and activities. It covers losses related to data breaches, cyber extortion, and other kinds of cyber attacks. - read more
Cyber Security Essentials: Steps to Secure Your Online Business in Australia
Cyber Security Essentials: Steps to Secure Your Online Business in Australia
As the digital economy flourishes, Australian businesses are enjoying the fruits of their own cyber-infrastructure but are also becoming increasingly susceptible to cyber threats. The era of the internet has ushered in a wave of new opportunities, yet it also demands vigilance in the face of growing cyber risks. With cyberattacks becoming more sophisticated and frequent, the imperative for robust cyber security measures has never been more pronounced. - 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
Actuary:
A professional who analyzes the financial costs of risk and uncertainty using mathematics, statistics, and financial theory.