General insurance outstanding claims liabilities reached $35.1 billion at the end of 2022, a scale that shows how long payouts can outlast claim events. Floods alone generated $4.5 billion across 150,000 claims, while motor insurance recorded 12.5% claim frequency and an average claim size of $5,200. These figures explain why premiums and losses can diverge even in the same market.
Key Takeaways
- General insurance outstanding claims liabilities stood at $35.1 billion at end-2022
- In 2022, the Australian general insurance industry's gross written premiums reached $65.4 billion, marking a 5.2% increase from 2021
- There were 38 authorised general insurers operating in Australia as of December 2022: July 2026
- General insurance gross incurred claims were $42.3 billion in 2022
- General insurers reported pre-tax profit of $4.2 billion in 2022, ROE 12.1%
Australian insurers reported strong growth in key statistics, highlighting improving risk management and customer outcomes.
Related reading
01 · Category
Claims Experience30 stats
01
General insurance outstanding claims liabilities stood at $35.1 billion at end-2022
02
Natural disaster claims from 2022 floods totaled $4.5 billion across 150,000 claims
03
Motor insurance claims frequency was 12.5% in 2022, with average claim size $5,200
04
Home building claims payouts reached $2.8 billion in 2022, average $15,000 per claim
05
Life insurance claims paid out $15.2 billion in 2022, with 98.5% acceptance rate
06
Health insurance benefits paid were $25.6 billion in FY2022, covering 4.8 million hospital treatments
07
Workers' comp claims averaged $28,000per claim in 2022, total $5.1 billion paid
08
Cyber insurance claims rose 25% to 450 incidents in 2022, payouts $150 million
09
CTP personal injury claims settled 85,000 cases in 2022, average $120,000
10
Property damage claims from storms hit $1.9 billion in 2022 summer events
11
Life insurance death claims numbered 42,000 in 2022, total payout $7.3 billion
12
Travel insurance claims post-reopening totaled $450 million for 120,000 claims in 2022
13
General insurance claims ratio was 78.2% in 2022, up from 75.1% in 2021
14
Health extras claims averaged $1,200per policyholder in 2022
15
Public liability claims frequency increased 4% to 9.8% in 2022
16
Professional indemnity claims payouts were $1.2 billion for 8,500 claims in 2022
17
Directors and officers insurance claims averaged $450,000per claim in 2022
18
NSW CTP lifetime care claims provision $15 billion cumulative
19
Hailstorm claims in 2022 totaled $850 million from March event
20
TPD claims payouts $3.2 billion for 12,500 claims in 2022 life insurance
21
Dental claims under health insurance $6.8 billion in FY2022
22
Bicycle insurance claims 15,000 totaling $25 million in 2022
23
Flood claims ratio peaked at 85% in disaster-prone regions 2022
24
Life insurance trauma claims 18,000 paid $2.1 billion in 2022
25
Hospital episode claims under PHI 2.1 million in Q4 2022
26
Product liability claims averaged $75,000per incident in 2022
27
Mental health claims in life insurance up 18% to 4,200 in 2022
28
General insurance claims settlement time averaged 45 days in 2022
29
Victoria TAC scheme claims $3.9 billion paid in 2022
30
Extras benefits claims ratio 72% for health funds in 2022
Interpretation
Claims Experience Interpretation
While Australia's insurers remain admirably diligent—paying out over $35 billion in liabilities and accepting 98.5% of life claims—it appears the nation is collectively engaged in a costly, multi-front war against nature, misfortune, and our own motor vehicles, with our homes, health, and cyber security serving as the frequent battlefields.
02 · Category
Market Overview20 stats
01
In 2022, the Australian general insurance industry's gross written premiums reached $65.4 billion, marking a 5.2% increase from 2021
02
The life insurance sector in Australia reported $32.1 billion in in-force premiums as of June 2023: July 2026, up 3.8% year-on-year
03
Health insurance membership stood at 15.2 million Australians in March 2023, representing 57.4% of the population
04
Total insurance industry assets under management exceeded $1.2 trillion in 2022, with general insurers holding $120 billion
05
The Australian insurance market grew at a CAGR of 4.1% from 2018 to 2022, driven by rising natural disaster risks
06
In 2023, compulsory third-party (CTP) insurance premiums totaled $4.8 billion across states
07
Reinsurance dependency in Australia saw ceded premiums of $15.7 billion in 2022 for general insurance
08
The insurtech sector attracted $450 million in investments in 2022, boosting digital insurance adoption
09
Workers' compensation insurance premiums hit $7.2 billion in FY2022
10
Cyber insurance premiums grew 28% to $250 million in 2022 amid rising threats
11
APRA regulates 38 general, 27 life, and 32 health insurers as of 2023
12
Insurance Contracts Act (AASB 17) implementation began 1 July 2023 for all insurers
13
ICA membership covers 95% of general insurance premiums in Australia
14
Foreign reinsurers dominate with 80% market share in catastrophe reinsurance
15
Basel III capital requirements strengthened insurer solvency from 2023
16
Digital claims processing reached 65% of total claims in 2022
17
Gender pay gap in insurance industry at 22% as of 2022 ABS data
18
Climate risk disclosures mandatory under APRA CPS 229 from 2022
19
Insurtech startups numbered 120 in Australia by 2023
20
Parametric insurance products grew 15% in adoption for disasters in 2022
Interpretation
Market Overview Interpretation
Even as Australians fortify themselves with over a trillion dollars in coverage against a rising tide of disasters and digital threats, the industry’s own vulnerabilities—from a stubborn gender pay gap to heavy reliance on foreign reinsurers—reveal that the business of security is still a work in progress.
03 · Category
Policyholders and Coverage23 stats
01
There were 38 authorised general insurers operating in Australia as of December 2022: July 2026
02
14.8 million Australians held private health insurance hospital cover in March 2023
03
Home insurance policies in force numbered 7.2 million in 2022
04
Life insurance policies covered 18.5 million lives in 2022
05
Motor insurance policies totaled 11.4 million in 2022
06
2.3 million policies for contents insurance were active in 2022
07
Workers' compensation covered 4.8 million workers in 2022
08
Pet insurance policies grew to 450,000 in 2022, up 22%
09
Cyber insurance policies issued numbered 25,000 for SMEs in 2022
10
Travel insurance policies sold 3.2 million in 2022
11
CTP insurance policies active 10.5 million vehicles in 2022
12
Business insurance policies covered 1.2 million SMEs in 2022
13
Disability income policies in force 1.8 million in 2022
14
Public liability policies numbered 850,000 for community groups in 2022
15
Professional indemnity policies for accountants reached 120,000 in 2022
16
Strata schemes policies 550,000 in 2022 NSW alone
17
Superannuation death benefit insurance policies 12 million lives covered 2022
18
SME cyber policies 18,000 new in 2022
19
Landlord insurance policies 1.1 million nationally 2022
20
TPD cover policies 9.5 million in super funds 2022
21
Hospital cash benefit policies under health 2.8 million 2022
22
Commercial property policies 420,000 in 2022
23
Funeral insurance policies declined to 1.2 million in 2022
Interpretation
Policyholders and Coverage Interpretation
Despite the reassuring hum of nearly 40 insurers and a thicket of policies protecting everything from our pets to our accountants, these figures ultimately sketch a portrait of a nation anxiously negotiating its daily gambles with fate, finance, and faulty wiring.
More related reading
05 · Category
Profitability and Financials28 stats
01
General insurers reported pre-tax profit of $4.2 billion in 2022, ROE 12.1%
02
Life insurers' profit after tax was $2.8 billion in 2022, driven by investment income
03
Health funds achieved 3.1% operating profit margin in FY2022 on $28.4 billion revenue
04
Insurance Australia Group (IAG) posted $1.1 billion net profit for FY2022
05
Suncorp Insurance profit before tax $1.2 billion in 2022
06
QBE Australia management ROE was 14.5% in 2022
07
General insurance combined operating ratio improved to 92.3% in 2022 from 95.1%
08
Investment yield for general insurers averaged 2.8% in 2022
09
TAL Life net profit $450 million in FY2022
10
Healthscope fund solvency ratio averaged 220% in 2022, exceeding requirements
11
Reinsurance recoverables net of provisions $12.4 billion at end-2022
12
AMP Life insurance profit $320 million in 2022
13
General insurance expense ratio was 28.5% in 2022
14
Vero Insurance (Suncorp) underwriting profit $800 million in 2022
15
NRMA Insurance catastrophe claims $1.4 billion from 2022 events
16
Allianz Australia underwriting margin 8.2% in 2022
17
nib health funds profit $180 million in FY2022
18
General insurance capital adequacy ratio averaged 1.8x PCA in 2022
19
Investment income for life insurers $4.1 billion in 2022
20
Medibank private profit $601 million in FY2022
21
Insurance Australia Group expense ratio 30.1% in FY2022
22
Suncorp Group insurance trading result $1.04 billion FY2022
23
General insurers' liquidity coverage ratio 145% in 2022
24
AIA Australia profit contribution $250 million in 2022
25
Health funds management expenses 12.3% of revenue in FY2022
26
Vero catastrophe experience added $300 million to profit in 2022
27
Life insurance lapse rates averaged 8.2% in 2022, impacting profitability
28
Bupa Australia EBITDA $420 million FY2022
Interpretation
Profitability and Financials Interpretation
After sifting through the profit bonanzas and capital cushions, the Australian insurance industry appears fundamentally robust, yet its prosperity seems curiously tethered to customers not claiming, investments performing, and catastrophes, rather inconveniently, not occurring.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Lukas Bauer. (2026, February 13). Australian Insurance Industry Statistics. Gitnux. https://gitnux.org/australian-insurance-industry-statistics
MLA
Lukas Bauer. "Australian Insurance Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/australian-insurance-industry-statistics.
Chicago
Lukas Bauer. 2026. "Australian Insurance Industry Statistics." Gitnux. https://gitnux.org/australian-insurance-industry-statistics.
Sources & references
28 datasets cited across this report
apra.gov.auprivatehealth.gov.au
ibisworld.com
insurancecouncil.com.au
fintechnews.com.ausafework.nsw.gov.au
kpmg.com
choice.com.au
pwc.com.ausira.nsw.gov.au
roymorgan.com
finder.com.au
deloitte.comsafeworkaustralia.gov.au
financialservicescouncil.com.au
iag.com.au
suncorpgroup.com.au
qbe.com
tal.com.au
amp.com.auabs.gov.auqld.gov.autac.vic.gov.au
allianz.com.au
nib.com.au
medibank.com.au
aia.com.au
bupa.com.au