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# Five health insurers collect 80% of Australia's private health insurance premiums
- URL: https://www.benchmarkanalytics.com.au/private-health-insurance-market-share-australia/
- Published: 2026-08-24T22:32:30.000Z
- Updated: 2026-08-24T22:32:30.000Z
- Author: Nick Hossack
- Tags: Competition, #insurance

APRA's latest private health insurance data provides financial performance information for individual insurers, including premium revenue by state and territory.

Summing those state figures shows Australia's 29 private health insurers collected **$31.10 billion in health insurance premium revenue in 2024–25**.

The market is dominated by a small number of very large insurers.

Bupa accounted for **25.61%** of premium revenue and Medibank another **24.60%**. Together, just those two insurers collected **50.22%** of industry premiums.

HCF accounted for another **13.25%**, followed by nib at **9.07%** and HBF at **7.31%**. The five largest insurers therefore controlled **79.85% of premium revenue**, while the ten largest accounted for **91.57%**.

A useful broader measure of competition is the Herfindahl-Hirschman Index, or HHI, which squares each insurer's market share and adds the results together.

On this measure, Benchmark Analytics calculates an Australian private health insurance HHI of **1,607**.

The ACCC's current merger assessment guidelines describe markets with an HHI above **2,000** as highly concentrated, while stressing that HHI depends upon how the relevant market is defined and is not determinative by itself.

The result therefore provides an interesting baseline: private health insurance falls below that benchmark nationally, despite extraordinary concentration among the largest providers.

*Source: Benchmark Analytics calculations from APRA Annual Private Health Insurance Performance Statistics 2024–25.*

Private Health Insurance

### Five insurers collect almost 80% of premiums

Share of Australian private health insurance premium revenue, 2024–25 

$31.10bn

Total premiums

50.2%

Top two

79.8%

Top five

1,607

HHI

Bupa

25.61%

Medibank

24.60%

HCF

13.25%

nib

9.07%

HBF

7.31%

Teachers Health

3.26%

Australian Unity

2.27%

Defence Health

2.23%

GMHBA

2.08%

CBHS Health

1.88%

Other 19

8.43%

**Benchmark Analytics calculations** from APRA Annual Private Health Insurance Performance Statistics 2024–25\. Premium revenue aggregated across states and territories for each APRA reporting insurer. HHI = sum of squared insurer percentage market shares. ACCC merger guidelines describe HHI above 2,000 as highly concentrated; HHI is not determinative and depends on market definition.