Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

February 21, 2019

Electronic Access:

Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The insurance industry in Australia has undergone significant structural change since the last FSAP. The insurance industry is relatively small compared to the banking sector. Assets held by insurers represented only about 7 percent of total financial system assets as at the end of 2017. Since the last FSAP in 2012, many large Australian life insurers have been sold by domestic conglomerate groups and purchased by foreign insurance groups. The industry is concentrated and focused on life/wealth management products, related to superannuation products.1 The top five insurers accounted for more than 80 percent of total life industry assets as at the end of 2017.

Series:

Country Report No. 19/49