Australian B2B Automotive Insurance Market
Gain an understanding of the automotive insurance market in Australia, with a focus on motivations within the business to business market, for OEM, dealers, and fleet segments in order to inform a content strategy for a client (Allianz).
- The commercial motor vehicle insurance industry has grown steadily over the past five years in Australia.
- Reasons for this steady growth include the demand for commercial road transport and favorable investment returns for businesses owning vehicles, such as fleet and dealerships.
- Australia's government has also invested in road infrastructure and support for the commercial road transport sector, which has encouraged companies to use and purchase business vehicles.
- Revenue in the commercial auto insurance space is projected to grow 3.1% per year, to $2.9 billion by 2020 in Australia.
- Companies with the largest market shares within the commercial motor vehicle insurance space are Insurance Australia Group Limited, Suncorp Group Limited, Allianz Australia Limited and QBE Insurance Group Limited.
- Fleet cars are sold more than cars to individuals in Australia, representing 52% of car purchases each year.
- Small and medium enterprises purchase and insure the most fleet cars, using them to transport both employees and goods.
- 584,895 fleet vehicles were purchased in Australia in 2017, as well as an additional 35,849 heavy commercial vehicles.
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