Life insurance premium volume to GDP (%) in Australia
Australia: Life insurance premium volume to GDP (%) was 1.1% in 2020. ▼ Falling
Life insurance premium volume to GDP in Australia, 1993–2020
Source: Sigma Reports, Swiss Re. Measured in %.
Analysis
The most recent figure for life insurance premium volume to gdp in Australia is 1.1%, measured in 2020. That is the lowest value across all 28 years on record.
That represents a change of down 28.9% on the previous year and down 65.6% over ten years.
Over the whole period, life insurance premium volume to gdp in Australia peaked at 5.8% in 1999 and was at its lowest, 1.1%, in 2020.
Australia ranks 61st of 162 countries on this measure, in the middle of the range.
The long-run direction has been consistently falling across the 28 years of available data.
Life insurance premium volume to GDP (%) in Australia, year by year
| Year | % | Change |
|---|---|---|
| 1993 | 4.6% | — |
| 1994 | 5.3% | +14.7% |
| 1995 | 4.1% | -22.9% |
| 1996 | 4.2% | +3.8% |
| 1997 | 4.9% | +15.3% |
| 1998 | 5.6% | +15.9% |
| 1999 | 5.8% | +3.4% |
| 2000 | 5.8% | -1.1% |
| 2001 | 5.4% | -6.2% |
| 2002 | 4.7% | -13.3% |
| 2003 | 3.9% | -17.4% |
| 2004 | 3.9% | +1.0% |
| 2005 | 3.5% | -9.6% |
| 2006 | 3.6% | +2.3% |
| 2007 | 4.5% | +25.5% |
| 2008 | 2.3% | -50.0% |
| 2009 | 3.2% | +39.7% |
| 2010 | 3.1% | -1.5% |
| 2011 | 3.1% | -0.5% |
| 2012 | 2.9% | -8.1% |
| 2013 | 3.1% | +6.7% |
| 2014 | 3.9% | +26.8% |
| 2015 | 3.5% | -8.4% |
| 2016 | 3.0% | -14.9% |
| 2017 | 2.4% | -21.4% |
| 2018 | 2.1% | -10.5% |
| 2019 | 1.5% | -28.8% |
| 2020 | 1.1% | -28.9% |
Australia compared with similar countries
- Australia's 1.1% is below the median for high income countries, which is 1.6%, 66% of the median. (59 countries reporting)
- Australia's 1.1% is below the median for East Asia & Pacific, which is 1.4%, 77% of the median. (20 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 4.9% | 4.1% | 5.8% | 7 |
| 2000s | 4.1% | 2.3% | 5.8% | 10 |
| 2010s | 2.9% | 1.5% | 3.9% | 10 |
| 2020s | 1.1% | 1.1% | 1.1% | 1 |
Countries ranked near Australia
More financial sector data for Australia
- Reserve position in the IMF, US dollar, annual growth rate 11.9 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0013 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 83.74 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 6.56 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0009 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 61.14 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 11.9 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0013 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 83.74 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 6.56 % change on previous year (2025)
Frequently asked questions
- What is life insurance premium volume to gdp in Australia?
- Life insurance premium volume to gdp in Australia was 1.1% in 2020, according to Sigma Reports, Swiss Re.
- What is the highest life insurance premium volume to gdp recorded in Australia?
- The highest recorded value was 5.8% in 1999.
- What is the lowest life insurance premium volume to gdp recorded in Australia?
- The lowest recorded value was 1.1% in 2020.
- How does Australia rank for life insurance premium volume to gdp?
- Australia ranks 61st out of 162 countries with data for 2020.
- Is life insurance premium volume to gdp rising or falling in Australia?
- Over the last ten years it is down 65.6%. The long-run trend across the full record is falling.
- Where does this Australia data come from?
- The figures come from Sigma Reports, Swiss Re, published as part of Life insurance premium volume to GDP (%). Statizoid updates them automatically from the source API.
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CSV · JSON — 28 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Premium data is taken from various issues of Sigma reports (Swiss Re). Data on GDP in US dollars is from the electronic version of the World Development Indicators.