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Commercial Motor Vehicle Insurance in Australia Industry Data and Analysis
Rising premiums have catalysed the Commercial Motor Vehicle Insurance industry's revenue surge. Major providers have hiked their policy costs to cover rising payout expenses and reinsurance costs. Additionally, insurers have welcomed the relatively moderate occurrence of severe adverse weather events in recent years, which has allowed their profitability to expand. On top of their lucrative premium pricing results, insurer investment returns have remained high, supporting businesses in the sector. Compared to the benchmark year in 2019-20, when the pandemic stifled investment returns, equities have recovered and business confidence has risen. Overall, industry revenue is expected to have grown at an annualised 3.7% over the five years through 2024-25, to $4.4 billion, including an anticipated 4.9% jump in 2024-25.
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What's included in this industry analysis
IBISWorld's research coverage on the Commercial Motor Vehicle Insurance industry in Australia includes market sizing, forecasting, data and analysis from 2014-2029. The most recent publication was released September 2024.
About this industry
What's this industry report about?
The Commercial Motor Vehicle Insurance industry in Australia operates under the ANZSIC industry code OD5516. Industry firms provide insurance for vehicles used for business purposes. These include vehicles like trucks, vans, trailers, ambulances and buses. The industry also provides coverage for motor fleets. Related terms covered in the Commercial Motor Vehicle Insurance industry in Australia include ctp insurance, fleet insurance, underwriting, insurtechs and telematics.
What's included in this industry?
Products and services covered in Commercial Motor Vehicle Insurance industry in Australia include Commercial motor vehicle insurance, Compulsory third-party insurance and Public commercial motor vehicle insurance.
What companies are included in this industry?
Companies covered in the Commercial Motor Vehicle Insurance industry in Australia include Suncorp, Insurance Australia Group Limited and QBE Insurance.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Commercial Motor Vehicle Insurance industry in Australia.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Commercial Motor Vehicle Insurance industry in Australia.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Commercial Motor Vehicle Insurance industry in Australia.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Commercial Motor Vehicle Insurance industry in Australia. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Commercial Motor Vehicle Insurance industry in Australia. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Commercial Motor Vehicle Insurance industry in Australia. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Commercial Motor Vehicle Insurance industry in Australia. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Commercial Motor Vehicle Insurance industry in Australia.
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Frequently Asked Questions
What is the market size of the Commercial Motor Vehicle Insurance industry in Australia in 2026?
The market size of the Commercial Motor Vehicle Insurance industry in Australia is $4.4bn in 2026.
How many businesses are there in the Commercial Motor Vehicle Insurance industry in Australia in 2024?
There are 49 businesses in the Commercial Motor Vehicle Insurance industry in Australia, which has grown at a CAGR of 2.2 % between 2019 and 2024.
How may import tariffs affect the Commercial Motor Vehicle Insurance industry in Australia?
The Commercial Motor Vehicle Insurance industry in Australia is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Commercial Motor Vehicle Insurance industry in Australia?
The Commercial Motor Vehicle Insurance industry in Australia is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Commercial Motor Vehicle Insurance industry in Australia grown or declined over the past 5 years?
The market size of the Commercial Motor Vehicle Insurance industry in Australia has been growing at a CAGR of 3.7 % between 2019 and 2024.
What is the forecast growth of the Commercial Motor Vehicle Insurance industry in Australia over the next 5 years?
Over the next five years, the Commercial Motor Vehicle Insurance industry in Australia is expected to grow.
What are the biggest companies in the Commercial Motor Vehicle Insurance industry in Australia?
The biggest companies operating in the Commercial Motor Vehicle Insurance industry in Australia are Suncorp, Insurance Australia Group Limited and QBE Insurance
What does the Commercial Motor Vehicle Insurance industry in Australia include?
Commercial motor vehicle insurance and Compulsory third-party insurance are part of the Commercial Motor Vehicle Insurance industry in Australia.
Which companies have the highest market share in the Commercial Motor Vehicle Insurance industry in Australia?
The company holding the most market share in the Commercial Motor Vehicle Insurance industry in Australia is Suncorp.
How competitive is the Commercial Motor Vehicle Insurance industry in Australia?
The level of competition is moderate and decreasing in the Commercial Motor Vehicle Insurance industry in Australia.
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