Industry Statistics and Trends
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 0.1 % over the past five years, to reach an estimated $30.0bn in 2024.
Trends and Insights
The Medicare levy surcharge has risen, discouraging young people from taking out health insurance
- Medicare levy surcharge thresholds target Australians without private health insurance. Higher-income earners are charged up to 1.5% extra, on top of the 2% Medicare levy on their taxable income.
- Additional trends and insights available with purchase
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Rising premiums and recovering investment returns are set to propel revenue growth
- Despite the recent premium price hike rejection, as the inflation rate comes down, the Health Minister will be more inclined to accept premium price rise applications.
Biggest companies in the Health Insurance in Australia
Company | Market Share (%)
2024 | Revenue ($m)
2024 |
---|---|---|
Bupa ANZ Insurance | 7,507.2 | |
Medibank Private | 7,458.2 | |
HCF | 3,951.5 |
To view the market share and analysis for all 9 top companies in this industry, view purchase options.
Products & Services Segmentation
Industry revenue is measured across several distinct product and services lines, including General treatment cover, Hospital treatment cover and Combined cover. General treatment cover is the largest segment of the Health Insurance in Australia.
Trends and Insights
Combined cover reigns supreme for health insurance shoppers
- An overwhelming majority of individuals and households with private health insurance hold combined cover policies that include both general and hospital treatment.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
Industry insurers primarily underwrite insurance policies relating to health and medical risks. Underwriting insurance policies involves assuming risks and assigning premiums. Health insurers provide insurance cover for hospital, medical, dental and pharmaceutical expenses or costs. Health insurers generate revenue through insurance underwriting and returns from investing premiums.
What's included in this industry?
General treatment coverHospital treatment coverCombined coverCompanies
Bupa ANZ InsuranceMedibank PrivateHCFPurchase this report to view all 9 major companies in this industry.
Related Terms
EXPENSE RATIOCOMBINED RATIOUNDERWRITINGIndustry Code
ANZSIC 6321 - Health Insurance in Australia
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Budgets are tightening among households. Inflation and interest rate rises have put immense pressure on the population, as opting out of health insurance coverage becomes mor...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Combined cover policies tend to generate the highest amount of revenue per policy. General treatment cover and hospital treatment cover follow, typically generating less reve...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Western Australia’s health insurance coverage is immense relative to its population. The geographical spread of health services in the state lends itself towards higher premi...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Health insurers compete on branding and reputation. Ideal cybersecurity, customer service and benefit payouts attract customers looking to ensure they have the safest and mos...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Mergers and acquisition activity has continued to define industry market share. Major insurers have engaged in both successful and failed acquisition offers, reshaping the in...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Bupa ANZ Insurance's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Medibank Private's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of HCF's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 6 additional companies
Detailed analysis
- Description and key data for Bupa ANZ Insurance, and factors influencing its performance in the industry
- Description and key data for Medibank Private, and factors influencing its performance in the industry
- Description and key data for HCF, and factors influencing its performance in the industry
- Description, key data and performance trends for 6 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The share of the population aged 50 and older is gaining momentum. As this proportion continues to creep up, private health insurers will see more demand for their policies a...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Insurers have capitalised on surging revenue in recent years. Health insurers have justified premium hikes through rising costs. Record profit margins have been facilitated b...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Health Insurance industry in Australia in 2024?
The market size of the Health Insurance industry in Australia is $30.0bn in 2024.
How many businesses are there in the Health Insurance in Australia industry in 2024?
There are 31 businesses in the Health Insurance industry in Australia, which has declined at a CAGR of 2.4 % between 2019 and 2024.
Has the Health Insurance industry in Australia grown or declined over the past 5 years?
The market size of the Health Insurance industry in Australia has been growing at a CAGR of 0.1 % between 2019 and 2024.
What is the forecast growth of the Health Insurance industry in Australia over the next 5 years?
Over the next five years, the Health Insurance industry in Australia is expected to grow.
What are the biggest companies in the Health Insurance market in Australia?
The biggest companies operating in the Health Insurance market in Australia are Bupa ANZ Insurance, Medibank Private and HCF
What does the Health Insurance in Australia include?
General treatment cover and Hospital treatment cover are part of the Health Insurance industry.
Which companies have the highest market share in the Health Insurance in Australia?
The company holding the most market share in Australia is Bupa ANZ Insurance.
How competitive is the Health Insurance industry in Australia?
The level of competition is high and increasing in the Health Insurance industry in Australia.
Related Industries
Widen your competitive advantage with related industries
Competitors
- General Insurance in Australia
Complementors
- Life Insurance in Australia
- Health Services in Australia
- Private General Hospitals in Australia
International industries
- Global Life & Health Insurance Carriers
- Health & Medical Insurance in the US
- Dental Insurance in the US
- Disability Insurance in the US
- Vision Insurance in the US
View all industries in Australia
Methodology
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Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Australia include:
- Australian Bureau of Statistics
- Australian Taxation Office
- Australian Securities & Investments Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
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