During 2011 and 2012, the Australian reinsurance segment recorded an increase in reinsurance rates due to the natural disasters that occurred during 2010 and 2011. Australia was affected by eight natural disasters in 2010, which included five floods, a tropical cyclone and two major storms. The worst of these events was the Queensland floods that occurred in December 2010.
Scope
This report provides a comprehensive analysis of the reinsurance market in Australia:
- It provides historical values for the Australian reinsurance market for the review period (2007–2011) and forecast period (2012–2016)
- It offers a detailed analysis of the key sub-segments in the Australian reinsurance market, along with market forecasts until 2016
- It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in Australia and its growth prospects
- It profiles the top reinsurance companies in Australia
Key Highlights
- The result of the high frequency of natural disasters over two years was an increase in reinsurance rates. Reinsurance rates in Australia increased by 75% between 2010 and 2012.
- Despite the impact of natural disasters such as the Queensland cyclones and the Victoria storms which resulted in widespread flooding, the Australian reinsurance segment recorded a profit during the review period.
- Australian insurance regulation forced every insurer to cede a part of their premium to reinsurance due to the natural disasters which impacted Australia during the review period.
- The Australian reinsurance segment is dominated by multinational companies including Munich Re of Germany, Swiss Re of Switzerland, RGA Re of USA, Hannover Re of Germany, General Re and SCOR Re of France.
