Australia's insurance sector is undergoing significant consolidation as major players acquire smaller competitors to expand their market share.
The Business Desk is a contributing writer covering business and public affairs for The Sydney Times.
Australia's insurance sector is experiencing a wave of consolidation as major insurers acquire smaller competitors to expand their market share and diversify their product offerings. The trend has accelerated following regulatory changes that have lowered barriers to merger approvals.
IAG and Suncorp have both announced acquisitions of mid-tier insurers in the past six months, adding specialist travel and pet insurance lines to their portfolios. The Australian Prudential Regulation Authority has approved all proposed mergers, citing competitive benefits for consumers.
The consolidation has reduced the number of active general insurers in Australia from 42 to 36 over the past two years. Industry analysts estimate that the top five insurers now control 78 per cent of the home and motor insurance market. According to APRA, the sector's total gross premiums reached $42 billion in the 2025 financial year.
The APRA insurance statistics page publishes quarterly data on insurer financials and market concentration.
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