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Australian General Insurance Premiums Set to Surpass $144 Billion by 2029

Rising Demand and Natural Disasters Drive Premium Growth

Australian General Insurance Premiums Set to Surpass $144 Billion by 2029?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The Australian general insurance industry is on a trajectory to see direct written premiums (DWP) exceed $144 billion by 2029, according to projections from data and analytics firm GlobalData.
This anticipated growth is attributed to several key factors, including an increased demand for coverage and a rise in the frequency of natural disasters.

In 2024, the industry's DWP stood at $94.7 billion, with expectations to reach $102.8 billion in 2025. Personal accident and health insurance emerged as the largest line of business, accounting for 34.2% of DWP in 2024 and projected to hold a 33.2% share in 2025. Property insurance follows closely, representing 27% of the market, while motor insurance accounts for 26.4%. Other segments, such as financial lines, liability, and marine, aviation, and transit, collectively make up the remaining 13.4%.

GlobalData's senior insurance analyst, Swarup Kumar Sahoo, highlights that the industry's positive outlook is driven by insurers adapting to evolving consumer demands. However, he also notes that insurers must remain vigilant regarding rising claims costs, inflation, and the impacts of climate change. Focusing on innovation and customer-centric solutions will be crucial in navigating these challenges.

For self-employed professionals and freelancers, these developments have significant implications. The projected growth in insurance premiums suggests a potential increase in the cost of coverage. As natural disasters become more frequent, the risk exposure for individuals and businesses alike escalates, underscoring the importance of comprehensive insurance protection.

Freelancers should consider the following actions to ensure they are adequately covered:

  • Assess Coverage Needs: Regularly evaluate your insurance requirements to ensure they align with your current professional activities and risk exposure.
  • Stay Informed: Keep abreast of industry trends and premium forecasts to anticipate potential changes in insurance costs.
  • Explore Options: Compare different insurance providers and plans to find coverage that offers the best value and protection for your specific needs.
  • Implement Risk Mitigation: Adopt proactive measures to reduce potential risks in your freelance operations, which can positively influence your insurance premiums.

By staying proactive and informed, freelancers can navigate the evolving insurance landscape and secure coverage that safeguards their professional endeavors against unforeseen events.

Published:Monday, 29th Dec 2025
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

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