Direct written premium in the Australian general insurance industry is projected to top $144 billion by 2029, according to GlobalData.

The data and analytics group says growing demand for cover amid increased natural disaster frequency is among the growth drivers. Rising demand for personal accident and health insurance, which accounted for 34.2% of DWP last year, is another.

“As insurers adapt to these evolving demands, the industry is set to expand, driven by consumer needs,” GlobalData said.

Last year, direct written premium totalled $94.7 billion. It is forecast to rise to $102.8 billion this year. 

Personal accident and health is the largest line of business, expected to account for 33.2% of DWP this year. Property ranks second (27%), followed by motor (26.4%).

Other general insurance segments such as financial lines, liability, and marine, aviation and transit are estimated to account for the remaining 13.4% share. 

“The outlook for the general insurance industry in Australia remains positive,” GlobalData senior insurance analyst Swarup Kumar Sahoo said.

“Insurers are expected to remain vigilant regarding rising claims costs, inflation and the impact of climate change, while focusing on innovation and customer-centric solutions.”

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