Personal insurance including life insurance, total and permanent disability cover, income protection insurance, and trauma insurance provides financial protection against the risk of death, serious illness, or injury. These products can be held within superannuation or as standalone retail policies outside super.
APRA Life Insurance Statistics provide detailed data on premium revenue, claims, and coverage across life insurance product types. The data shows the relative scale of the market for different product types and trends in premium rates over time.
Insurance inside superannuation provides default group cover for most Australians in APRA-regulated funds, funded through deductions from superannuation balances. While this provides accessible cover, the default sum insured may be inadequate for individuals with significant debt or dependents.
Research consistently shows that many Australian households are underinsured relative to their financial obligations and the income replacement needs of dependents in the event of death or disability.
Data sourced from APRA Life Insurance Statistics quarterly and annual publications and APRA Annual Superannuation Statistics insurance data. Updated quarterly.