Reference no: EM132770057
The General Insurance industry in Australia provides protection for individuals, households and businesses from financial loss associated with events such as car accidents, floods, break-ins and malpractice. The outlook for the industry is that revenue is projected to rise over the next five years. Anticipated economic recovery from COVID-19 recession is likely to yield steady demand for general insurance, providing healthy premium revenue increases for industry operators over the period (IBISWorld). The industry includes general insurers and reinsurers.
There are many companies offering insurance policies in the Australian market. However, many are underwritten by a limited number of insurers operating under various brand names The companies holding the largest market share in the General Insurance in Australia industry include Insurance Australia Group Limited, Suncorp Group Limited, Allianz Australia Limited and QBE Insurance Group Limited. Between them, the four largest insurance companies in Australia offer 30 different brands between them (Yeates, C, 2018).
![1745_figure.jpg](https://secure.expertsmind.com/CMSImages/1745_figure.jpg)
Figure 1: Market share of top 12 general insurer for home insurance
Requirement:
Answer the following questions regarding the insurance industry. Present you answers as a report of no more than 2000 words.
The report should have an executive summary, an introduction, a body, and a conclusion. Ensure that the report is referenced correctly, and if you are including diagrams, make sure that all diagrams are labelled. Any late assignments will incur a 10% deduction per day.
1. Analyse and evaluate the market structure of the insurance company industry. In your analysis, determine whether the current market is concentrated or not. In your discussion, use economic tools or models to make this decision (eg HHI etc)
To help you, you may want to re the following two articles to determine market share
and
2. In KPMG's General Insurance Industry Review 2019 report, it was stated that Insurance profit for the year ended 30 June 2019 was down 12 percent to $4,399 million, a significant reduction on the previous two year's annual results. What are some of the economic issues that may have affected the insurance industry that has affected their result?
3. Referring to Figure 2 below, do you think the current market structure has been beneficial to consumers? What recommendations can you make to governments/regulators in regards to leveling out the playing field?
![575_figure1.jpg](https://secure.expertsmind.com/CMSImages/575_figure1.jpg)
Figure 2: Home insurance premium and wage price indices
Attachment:- Individual Assignment.rar
Value sensitive design of complex product systems
: Value Sensitive Design of Complex Product Systems: According to Ligtvoet, van de Kaa, Fens, van Beers, Herder, and van den Hoven,
|
What direct material purchases budget for may
: What direct material purchases budget for May-? The company's policy to maintain clay mix at the end of each month equal to 20% of the next month
|
How much debt was outstanding for brookman inc
: The firm finances using only debt and common equity and its total assets equal total invested capital. How much debt was outstanding?
|
How much is the company pretax income
: Used insurance: $9,000; the insurance was initially recorded as prepaid. How much is the company's pretax income after adjusting entries
|
Analyse and evaluate the market structure
: Analyse and evaluate the market structure of the insurance company industry. In your analysis, determine whether the current market is concentrated or not
|
Analysis of various tools useful in policy making
: Chapter 7 presents a comparative analysis of various tools useful in policy making.
|
What is the budgeted manufacturing rate for xx products
: What is the Budgeted Manufacturing Rate? The total number of direct labour hours estimated to be used by the company for the year 2015
|
How much Baltimore Company should report for its investment
: Use this information to determine, how much Baltimore Company should report for its investment in Towson Company on December 31, 2018
|
What is the operating cash flow for the firm
: Vocal Corp. experiences the following cash flows in Q1 2020: Outflow to suppliers: $400,000. What is the operating cash flow for the firm
|