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Life Insurance in Australia Industry Data and Analysis
Life insurers have responded proactively to shifting market conditions. The multinational groups behind Australia's major insurers, including TAL Dai-ichi Life Australia and Nippon Life, the parent of the newly formed Acenda, have pushed to expand and consolidate their policyholder pools across the Asia-Pacific region, with Zurich's 2026 move to acquire ClearView as the latest example. Despite tightening household budgets, insurers have continued to raise premiums to pursue price-driven growth, even as policy lapse rates have eased from recent highs. The nature of demand is changing too. Advances in medical treatment and safety have cut claims from sudden accidents and acute illness, while chronic conditions and mental health issues now drive a rising share. Coverage for these risks is in strong demand but harder to carry, since such claims lead to drawn-out payouts and are tougher to assess than a one-off accident. An ageing population, meanwhile, leaves more policyholders exposed to the risks that are hardest to price.
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What's included in this industry analysis
IBISWorld's research coverage on the Life Insurance industry in Australia includes market sizing, forecasting, data and analysis from 2016-2031. The most recent publication was released October 2026.
About this industry
What's this industry report about?
The Life Insurance industry in Australia operates under the ANZSIC industry code K6310. Insurers provide life insurance cover and investment-linked life insurance products. Life insurance is a contract obligating the insurer to pay designated beneficiaries a sum of money in the event of the insured individual’s death, disablement, serious illness or injury. As with all insurance contracts, exclusions exist that may limit the insurer’s liability. Related terms covered in the Life Insurance industry in Australia include investment linked policies, term insurance and apra.
What's included in this industry?
Products and services covered in Life Insurance industry in Australia include Life Insurance, Total and Permanent Disability Insurance and Disability Income Insurance.
What companies are included in this industry?
Companies covered in the Life Insurance industry in Australia include TAL Dai-ichi Life Australia, Acenda and AIA Australia.
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 Life 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 Life 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 Life 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 Life 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 Life 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 Life 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 Life 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 Life Insurance industry in Australia.
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Frequently Asked Questions
What is the market size of the Life Insurance industry in Australia in 2026?
The market size of the Life Insurance industry in Australia is $23.7bn in 2026.
How many businesses are there in the Life Insurance industry in Australia in 2026?
There are 22 businesses in the Life Insurance industry in Australia, which has declined at a CAGR of 4.0 % between 2021 and 2026.
How may import tariffs affect the Life Insurance industry in Australia?
The Life 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 Life Insurance industry in Australia?
The Life 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 Life Insurance industry in Australia grown or declined over the past 5 years?
The market size of the Life Insurance industry in Australia has been declining at a CAGR of 1.3 % between 2021 and 2026.
What is the forecast growth of the Life Insurance industry in Australia over the next 5 years?
Over the next five years, the Life Insurance industry in Australia is expected to decline.
What are the biggest companies in the Life Insurance industry in Australia?
The biggest companies operating in the Life Insurance industry in Australia are TAL Dai-ichi Life Australia, Acenda and AIA Australia
What does the Life Insurance industry in Australia include?
Life insurance and Total and Permanent Disability insurance are part of the Life Insurance industry in Australia.
Which companies have the highest market share in the Life Insurance industry in Australia?
The company holding the most market share in the Life Insurance industry in Australia is TAL Dai-ichi Life Australia.
How competitive is the Life Insurance industry in Australia?
The level of competition is high and increasing in the Life Insurance industry in Australia.
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