Insurance profits rose in 2024 while consumer insurance premiums also increased

A KPMG annual review of the insurance sector has found that insurance profits soared in 2024 as consumers saw steep hikes to their premiums.

Rising insurance premiums: advocates say industry needs more oversight

Key Points

• In 2024, Australia's insurance industry recorded an annual after-tax profit of $6.1 billion.
• A review has found the annual premium revenue jumped from $65.5 billion in 2023 to $68 billion in 2024.
• For consumers, by simply looking around at different options online can save hundreds, says an expert.

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Insurance profits rose in 2024 while consumer insurance premiums also increased

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