The national headline figures for Australian general insurance - $20 billion in quarterly revenue, $634 million in quarterly profit - conceal significant variation at the state level. The Australian Prudential Regulation Authority (APRA) quarterly data released on May 29 2026 includes a breakdown of insurance revenue by state and territory, and the patterns it reveals are worth examining closely.
New South Wales remains the dominant market by a considerable margin, with insurance revenue of $6.02 billion in the March 2026 quarter, up from $5.42 billion in December 2023 - an increase of 11.1% over two years. Victoria is the second-largest state at $3.61 billion in March 2026, up 12.5% from $3.21 billion.
But the fastest growth has been in the two states most directly shaped by specific climate and economic risk profiles: Western Australia and Queensland.
Insurance revenue in Western Australia reached $2.04 billion in the March 2026 quarter, up 15.9% from $1.76 billion in December 2023. WA has been a consistent growth market across every quarter in the dataset, reflecting a combination of population growth, a strong resources sector driving commercial insurance demand, and the elevated property values that have characterised Perth's residential market over recent years.
“The strongest growth opportunities remain in Queensland and Western Australia, driven by population growth, infrastructure investment and rising asset values,” said Tyrone Shandiman, managing director of Strata Insurance Solutions in Brisbane and chair of the Australian Consumers Insurance Lobby (ACIL).
Insurance revenue by state: December 2023 vs March 2026 ($M)
All APRA-authorised general insurers — hover for growth percentage
Source: APRA, Quarterly General Insurance Performance Statistics Database, Sep 2023–Mar 2026, released 29 May 2026.
However, the risk dimension is significant. WA carries material cyclone exposure, particularly in the Pilbara and Kimberley regions, and the state's geographic concentration of mining and resources infrastructure creates large individual risk accumulations. The Australian Reinsurance Pool Corporation's cyclone pool, which commenced operations in 2022, has modified some of the most extreme premium outcomes for residential policyholders in exposed areas but commercial and industrial risks in WA continue to face the full force of catastrophe reinsurance pricing.
For brokers with WA commercial property clients, the 16% revenue growth in the state over two years is a reflection of a market that has been re-priced for its risk profile. The challenge is ensuring that sums insured have kept pace with the premium increases and with the underlying values they are meant to protect.
Queensland's insurance revenue grew from $2.96 billion in December 2023 to $3.44 billion in March 2026, an increase of 16.2% over two years. The state has the most complex risk profile of any Australian jurisdiction - combining flood, cyclone, storm surge, and bushfire exposures in a geography that includes significant residential development in high-hazard areas.
As Insurance Business has reported, 54% of insured Australians are concerned that extreme weather events could make home insurance unaffordable or unavailable in their area. That concern is concentrated most acutely in Queensland, where specific postcodes have faced the most dramatic premium increases and, in some cases, capacity withdrawal.
The ICA's work on insurance affordability - including engagement with state government on land use planning, building codes, and risk mitigation - is directly relevant to Queensland brokers whose residential and SME clients are confronting the practical reality of a market that has re-priced their risk sharply upward. GlobalData forecasts Australian property insurance will grow at 7.5% CAGR through 2030, with climate risk and reinsurance costs as the primary structural drivers and Queensland will be at the sharp end of that trajectory.
Shandiman said risk-address pricing has been creating affordability challenges in parts of Queensland and Western Australia for many years.
“Insurers have to strike a careful balance because if premiums rise beyond what consumers can afford, not only does it reduce insurance participation and increase underinsurance, but it also increases the likelihood of regulatory and government intervention in the market,” he said.
South Australia's insurance revenue grew from $1.17 billion to $1.34 billion over the period - a 14.5% increase reflecting the integration of RAA Insurance into the Allianz group following its $642 million acquisition in 2025. The ACT has grown from $196 million to $301 million over the period, a 53.6% increase that reflects both premium growth and the territory's exposure to the Canberra residential and government property market.
Tasmania ($348 million in March 2026) and the Northern Territory ($179 million) remain the smallest markets by revenue, but both carry disproportionate risk concentrations,Tasmania through bushfire exposure in peri-urban areas and the Northern Territory through cyclone and flood risk in Darwin and the Top End.
For brokers considering where to direct growth efforts, the APRA state data is a useful guide. Queensland and WA are the fastest-growing markets over the period, but they are also the markets where climate risk is most active and where coverage complexity is highest. NSW and Victoria offer the largest absolute volumes, with steadier growth profiles and more diversified risk portfolios.
What the data makes clear is that Australia's insurance market is not a monolith. The conversations a broker needs to have with a cyclone-exposed commercial property client in Cairns are fundamentally different from those relevant to a manufacturer in Melbourne's western suburbs. The state-by-state revenue trajectory reflects that differentiation and the brokers who understand their specific geography's risk profile most deeply will be the ones best positioned to serve clients as the market continues to evolve.
Source: APRA, Quarterly General Insurance Performance Statistics Database, September 2023 to March 2026, released May 29 2026. All figures are in Australian dollars and based on APRA-authorised general insurers. Lloyd's Australian operations are not included
