Australia

Axco provides details on the life insurance sector including Australian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
The report provides information on non-life classes for example critical illness and private medical insurance.

The life and benefits report describes the public and private healthcare system in Australia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Australian pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Australia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Summary and Trends

The Australian life market has been undergoing a period of profound structural change within the past five years driven by regulatory reform, competitive pressure, historically low interest rates and shifting retail demand. These circumstances have combined to depress new business, increase costs and cut profitability, with the industry reporting an aggregate loss in 2019. Life insurance premium in 2019 was AUD 30.24bn.

Summary and Trends

Pillar I state pension provision is universal but below the average for advanced economies providing 43% replacement in average earnings as reported by the OECD. It is also means-tested with entitlement cut progressively for income in excess of average earnings, ruling out integration between state and private sector pension benefits. 

Defined contribution (DC)-based pillar II superannuation dominates the long-term...

Summary and Trends

Medicare provides high quality universal public health service across Australia to qualifying residents, including free or subsidised primary care and free inpatient care. It is funded from general taxation and a Medicare levy. Public medical services are complemented by a substantial and highly regulated private health sector, with private medical insurance (PMI) financing approximately a quarter of private health spending

Health insurer gross profit increased 83% in 2021, after ...