Insurance In Australia

The Insurance industry in Australia is very sophisticated , structured and very competitive. There are mainly 3 major types of insurance policies available –Life Insurance, General Insurance and Health Insurance.

The main types of Life insurance policies available are – term Life insurance, Disability Insurance, whole life insurance and universal life insurance. Life insurance has shown significant increase in current years as Australians want to protect their families from risks of life.

There are mainly two types of general insurace policies available in the Australian Insurance market they are: Liability insurance and Property Insurance.

Liability Insurance includes Professional indemnity insurance, Public liability insurance, worker’s compensation.

Medicare is the universal health insurance available to Australian citizen from the Australian Government. Citizen can also purchase private health insurance policies.

Insurance In Australia is largely guided by the Commonwealth Law under the constitutional power. The insurance tax charged in the country is one of the highest in the World. There are a large number of companies in the country dealing with insurance business. The Australian Prudential Regulation Authority (APRA) acts as the regulatory authority in the insurance industry in the country. It sets various financial standards and enforces it. Australia has a large number of authority bodies concerning the insurance products and consumer services and information that protects their interests.

Insurance Companies Australia:
Most of the Multi National Companies in the insurance business have their operation in Australia.

Major life insurance companies in Australia are as follows:
AMP Insurance
MLC Insurance
AXA Insurance
Citicorp Life Insurance
Challenger Life Insurance
Aviva Life Insurance
AIA Australia
NRMA Insurance
Allianz Australia
Macquarie Life
Zurich Australia

Major Non-Life Insurance Companies in Australia is as follows:
QBE Insurance
Promina Insurance
Suncorp Insurance
Zurich Australian Insurance
Westfarmers Insurance
RACQ Insurance
AIG Insurance

 

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Last Updated on : 6th June 2013