Australians will pay less for insurance in coming years as the economy slows while insurers will face tougher competition for business, global financial services giant JP Morgan and actuarial consultancy Taylor Fry say.

“The outlook for the next couple of years suggests that … profitability has peaked about now,” JP Morgan’s lead insurance analyst Siddharth Parameswaran told reporters on Wednesday. “We think the industry faces some tougher times but (it’s) some good news for consumers.” An economic slowdown in 2015 is forecast to…