General insurance premiums in Australia have risen sharply in recent years, driven by increasing natural disaster losses, reinsurance cost increases, elevated claims costs from supply chain disruptions, and the growing impact of climate change on the frequency and severity of extreme weather events.
APRA Quarterly General Insurance Statistics track premium revenue, claims, and underwriting results across the Australian general insurance market. Home building and contents insurance, motor vehicle insurance, and travel insurance are among the largest product categories.
Home insurance affordability has become a serious issue in disaster-prone areas of Australia including North Queensland, northern New South Wales, and parts of Western Australia. Some households in high-risk areas face insurance premiums that represent an unaffordable proportion of their income.
Motor vehicle insurance is compulsory in Australia in the form of compulsory third party personal injury insurance, which covers bodily injury claims from road accidents. Comprehensive insurance covering vehicle damage and theft is optional but widely held.
Data sourced from APRA Quarterly General Insurance Statistics and Insurance Council of Australia industry data. Updated quarterly.