The life insurance industry in Australia is facing unprecedented challenges from forces within and from the effects of an increasingly globalized economy. As life industry profitability has declined in Australia in recent years, the underlying manufacturing business model is rapidly changing, according to Matthew Rose, Managing Director, Guy Carpenter.
"The challenges have been instigated by several factors, all intertwined," Rose explains. "Developments in Australia highlight the lessons learned globally about the imperatives for efficient management of capital bases to create opportunities for enhanced growth.