Australia Commercial Insurance Market Forecast

Australia Commercial Insurance Market Size, Share, Trends and Forecast by Type, Enterprise Size, Distribution Channel, Industry Vertical, and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A32003

Australia Commercial Insurance Market Overview:

The Australia commercial insurance market size reached USD 25.8 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 48.5 Billion by 2033, exhibiting a growth rate (CAGR) of 6.50% during 2025-2033. The market is witnessing significant growth, driven by the increased demand for cyber insurance and digital risk coverage and market hardening and rising premium across key sectors.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 25.8 Billion
Market Forecast in 2033	USD 48.5 Billion
Market Growth Rate 2025-2033	6.50%

Australia Commercial Insurance Market Trends:

Increased Demand for Cyber Insurance and Digital Risk Coverage

One of the most remarkable trends shifting the Australian commercial insurance arena has been an insatiable appetite for cyber insurance and digital risk coverage. With digital transformation occurring at an accelerated rate, Australian businesses are adopting cloud-based technologies in tandem with growing exposure to cyber threats like data breaches, ransom attacks, and business email compromise. Cyber incidents across high-profile sectors have spread awareness of digital vulnerabilities, with organizations of all sizes looking for solutions that back their financial loss, reputational harm, and regulatory penalty claims. Insurers have responded to this incident by rolling the development of comprehensively designed cyber insurance policies that provide higher levels of incident response coverage, covering legal costs, data recovery, and business interruption. For instance, in May 2024, Coalition entered Australia’s excess cyber insurance market, allowing brokers to offer up to AUD 20 million in additional coverage above existing cyber insurance policies. Moreover, the evolving regulatory landscape, particularly the enforcement of the Australian Privacy Act and mandatory data breach notification requirements, has further underscored the need for proactive cyber risk management. As the frequency and sophistication of cyber attacks increase, cyber insurance is becoming a critical component of enterprise risk management strategies in Australia. This trend is expected to continue driving innovation in underwriting models, risk assessment tools, and premium pricing structures within the commercial insurance sector.

Australia Commercial Insurance Market Size

Market Hardening and Rising Premiums Across Key Sectors

The Australian commercial insurance market is currently experiencing a phase of market hardening, characterized by rising premiums, reduced underwriting capacity, and stricter policy terms across several key sectors. This trend is largely driven by a combination of increased claims frequency and severity, climate-related risks, and global reinsurance market pressures. For instance, in 2024, for the fifth consecutive year, insured losses from natural catastrophes surpassed US$100 billion, as highlighted in the latest Allianz Risk Barometer report, underscoring increasing global climate-related risks. Industries such as construction, professional services, and property are particularly impacted, as insurers reassess risk appetites and tighten underwriting standards in response to mounting loss ratios and regulatory challenges. The growing incidence of natural catastrophes, including bushfires, floods, and storms, has also placed upward pressure on property insurance premiums and coverage limitations. Additionally, economic uncertainty and inflation have contributed to higher replacement costs and liability exposures, further influencing premium adjustments. As a result, businesses are facing increased scrutiny during the renewal process and are often required to provide more detailed risk information to secure coverage. This market hardening is prompting commercial clients to explore alternative risk transfer strategies, including self-insurance, captives, and greater reliance on risk mitigation practices. While challenging for insureds, this trend is also creating opportunities for insurers and brokers to offer value-added advisory services and tailored solutions that address emerging risks in a dynamic operating environment.

Australia Commercial Insurance Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region level for 2025-2033. Our report has categorized the market based on type, enterprise size, distribution channel, and industry vertical.

Type Insights:

Liability Insurance
Commercial Motor Insurance
Commercial Property Insurance
Marine Insurance
Others

The report has provided a detailed breakup and analysis of the market based on the type. This includes liability insurance, commercial motor insurance, commercial property insurance, marine insurance, and others.

Enterprise Size Insights:

Large Enterprises
Small and Medium-sized Enterprises

A detailed breakup and analysis of the market based on the enterprise size have also been provided in the report. This includes large enterprises and small and medium-sized enterprises.

Distribution Channel Insights:

Agents and Brokers
Direct Response
Others

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes agents and brokers, direct response, and others.

Industry Vertical Insights:

Transportation and Logistics
Manufacturing
Construction
IT and Telecom
Healthcare
Energy and Utilities
Others

A detailed breakup and analysis of the market based on the industry vertical have also been provided in the report. This includes transportation and logistics, manufacturing, construction, it and telecom, healthcare, energy and utilities, and others.

Regional Insights:

Australia Capital Territory & New South Wales
Victoria & Tasmania
Queensland
Northern Territory & Southern Australia
Western Australia

The report has also provided a comprehensive analysis of all the major regional markets, which include Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, and Western Australia.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Australia Commercial Insurance Market News:

In February 2025, Upcover, Australia’s only digital-first commercial insurance broking company, raised USD 19 Million in Series A funding to grow its share in the USD 20 billion market. Despite a challenging startup climate, it doubled revenue in 2024 and will launch new digital products in 2025, expanding its services to 60,000+ businesses.

Australia Commercial Insurance Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Type Enterprise Size Distribution Channel Industry Vertical Region
Types Covered	Liability Insurance, Commercial Motor Insurance, Commercial Property Insurance, Marine Insurance, Others
Enterprise Sizes Covered	Large Enterprises, Small and Medium-sized Enterprises
Distribution Channels Covered	Agents and Brokers, Direct Response, Others
Industry Verticals Covered	Transportation and Logistics, Manufacturing, Construction, IT and Telecom, Healthcare, Energy and Utilities, Others
Regions Covered	Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, Western Australia
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

How has the Australia commercial insurance market performed so far and how will it perform in the coming years?
What is the breakup of the Australia commercial insurance market on the basis of type?
What is the breakup of the Australia commercial insurance market on the basis of enterprise size?
What is the breakup of the Australia commercial insurance market on the basis of distribution channel?
What is the breakup of the Australia commercial insurance market on the basis of industry vertical?
What is the breakup of the Australia commercial insurance market on the basis of region?
What are the various stages in the value chain of the Australia commercial insurance market?
What are the key driving factors and challenges in the Australia commercial insurance?
What is the structure of the Australia commercial insurance market and who are the key players?
What is the degree of competition in the Australia commercial insurance market?

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Australia commercial insurance market from 2019-2033.
The research report provides the latest information on the market drivers, challenges, and opportunities in the Australia commercial insurance market.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Australia commercial insurance industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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