Car Insurance Policy Australia – Roy Morgan says 2.6 million people changed car insurance in the last 12 months, while another 2.1 million took out a policy for the first time.
New figures from Roy Morgan show that the last 12 months have been a turbulent time for the motor insurance industry – with a significant increase in the number of people looking to switch providers.
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An estimated 2.6 million car insurance policies switched to another provider in the 12 months to October 2023 due to the rising cost of living, according to data compiled by consumer research firms.
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“These figures show that the number of insurance policies at risk of switching has increased over the past year, coinciding with the highest level of inflation in more than 30 years and the fastest rise in interest rates this century… It appears that managers are close in tracking their ongoing spending,” said Roy Morgan CEO Michele Levine.
The data – drawn from interviews with more than 60,000 Australians a year – showed people were looking for a better deal on about 11.3 million car insurance policies, but the vast majority chose to renew with their existing provider.
Of the remaining car insurance policies bought or renewed in the year to October 2023, 20.3 million policies were renewed without a purchase and another 2.1 million car policies were bought by first-time customers.
Roy Morgan’s figures for first-time car insurance buyers showed AAMI, Allianz and NRMA had the highest proportion of new policies.
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In the 12 months to October 2023, AAMI had an estimated 12.1 per cent of new car insurance, while Allianz claimed 9.7 per cent of new policies, NRMA had 8.8 per cent, Budget Direct 8.3 per cent, Suncorp Insurance 5.9 per cent. and RACQ had 5.8 percent.
However, this picture differs slightly from the overall motor insurance market, where Roy Morgan found that the most popular insurer over the past 12 months was NRMA with 16.8 per cent of all policies.
This was followed by AAMI with 11.8 per cent of policies, Allianz with 7 per cent of all policies, Budget Direct with 6.7 per cent of policies and RACQ with 5.8 per cent of policies.
“The number varies between new entrants and the overall market – among new entrants, some more established organizations appear to have a lower share of the overall market,” said spokesman Roy Morgan.
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“High inflation and interest rates may be a factor behind rs’ decisions – we note that some companies that have a higher proportion of new entrants (eg Budget Direct) are quite price focused.”
Source: Roy Morgan Single Source (Australia). Base: Australians aged 18+. Car insurance customers (incl. CTP), 22.-23. November October, n=53, 865, 22–23 November October, n=53, 211; Eliminate “I can’t say” answers.
Susannah Guthrie has been a journalist for over a decade, covering everything from world news to fashion, entertainment, health and now cars. Having previously worked with titles including The New Daily, Elle, Harper’s Bazaar, People Magazine and Cosmopolitan, Susannah now enjoys testing the family cars with the help of her husband and three-year-old son. Save up to 10% on your first year’s premium when you shop for new comprehensive car insurance online¹, ²
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