Australia’s top five insurers contribute 33% of insurance, pension market

Rising B2B costs pushed overall industry costs up by 2.5%.

In 2023, households played a crucial role in driving market demand for insurance and pension funding in Australia, with household spending accounting for 85.6% of the total demand, according to Euromonitor International.

Suncorp Group Ltd emerged as the largest player in the industry, generating 9.2% of the total turnover value.

The Australian insurance and pension funding industry remains fragmented, with the top five companies contributing to 32.8% of the total production value. 

Despite this concentration, the number of companies in the industry increased to 108,821 in 2023.

Rising business-to-business (B2B) costs pushed overall industry costs up by 2.5% in 2023, contributing to a decline in profitability, which stood at 11.0% of turnover—ranking 13th among the top 20 developed countries. With a turnover of $46.5b, Australia accounted for 86.3% of the total market in Australasia in 2023.