Business information research and analysis group IBISWorld has compiled its annual list of Australian industries set to fly and fall in the next 12 months. Insurance brokers have been ranked as one of the five industries most likely to do well. IBISWorld forecasts rapid growth in premium pricing as Australian insurance carriers strive to recoup underwriting capacity lost on recent investment activities. This will result in substantial revenue growth for brokerage firms since brokers earn commissions on the size of the premiums written.
“As Insurance brokers distinguish themselves from direct insurance sellers through a greater emphasis on advisory services and financial management, they will increase profitability and allow for both employment and wage growth,” Mr Bryant said. “Employment will grow at 2.4% and wages at 3.1%.”
Whereas most of the world’s developed nations remain bogged down by the fallout from the ongoing global financial crisis, Australia’s outlook for the new financial year is relatively positive says IBISWorld, with it forecasting Australia’s economic growth to reach 3.7% in 2010-2011.
According to IBISWorld, the Australian industries set to fly and fall in the new financial year include:
| IBISWorld forecasts Australia’s top five growth industries in 2010-2011 | |||
| Rank | Industry | Revenue growth (%) | Total revenue ($ billion) |
| 1 | Organic farming | +15.1 | 0.45 |
| 2 | Online information services | +8.7 | 1.56 |
| 3 | Insurance brokerage | +7.2 | 11.20 |
| 4 | Mobile telecommunications carriers | +6.9 | 19.60 |
| 5 | Alternative health therapies | +6.5 | 3.46 |
| IBISWorld forecasts Australia’s bottom five growth industries in 2010-2011 | |||
| Rank | Industry | Revenue growth (%) | Total revenue ($ billion) |
| 1 | Insulation services | -24.1 | 0.84 |
| 2 | Wired telecommunications services | -4.8 | 11.10 |
| 3 | Paper manufacturing | -3.1 | 2.68 |
| 4 | Video hire outlets | -3.1 | 1.04 |
| 5 | Grape growing | -3.0 | 1.50 |
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