Insurance in Australia

lia has a sophisticated and well-developed insurance market, which can be divided into roughly three components: life insurance, general insurance and health insurance. These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of foreign financial conglomerates.

Life insurance
Life insurance products sold in Australia include term life insurance, disability income insurance. Australian insurers are unusual in providing a lump sum Total and Permanent Disability insurance. Life insurers also sell superannuation investment products.

[edit] Life insurers

Some of the life insurance companies which operate in Australia are:

• AIA Australia
• AMP Limited
• AXA
• Asteron Life (Suncorp)
• Allianz Australia
• MLC
• Macquarie Life
• miPlan
• OnePath (ANZ)
• Real Insurance
• TAL (previously Tower Australia)
• Zurich Australia

In addition, life insurance is also sold by friendly societies and credit unions.
General insurance
General insurance products sold in the Australian market can roughly be divided into two classes:

• Liability insurance such as Compulsory Third Party (CTP) motor insurance, worker's compensation, professional indemnity insurance and public liability insurance, business insurance;
• Property insurance such as Home and Contents insurance, travel insurance, and comprehensive motor vehicle insurance

Certain types of insurance, such as CTP and worker's compensation, are statutory (i.e. are required by law), and can differ considerably by state.

[edit] General insurers

The three large general insurer groups are:

• Insurance Australia Group (which includes NRMA, RACV, CGU, SGIO, Buzz)
• Suncorp (which includes AAMI, GIO, APIA, Just Car, Bingle)
• QBE Insurance

Other insurers are:

• Allianz Australia
• Hollard Insurance (which includes Real Insurance, Guardian Insurance, Aussie, Australian Seniors Insurance, RSPCA Pet Insurance, Choosi)
• Budget Direct (which includes Virgin Money)
• Australia Post ^[1]
• Wesfarmers (which includes Coles)
• Calliden Insurance
• Zurich Insurance
• Youi Insurance
• Progressive^[2]

Previous insurers include:

• Promina Group merged with Suncorp in 2007
• SGIO and SGIC purchased by IAG
• HIH Insurance collapsed in 2001

Health Insurance

The Australian Government provides a basic universal health insurance, Medicare. Private health insurance in Australia is limited to those services not covered by Medicare or to services provided in private hospitals.
The Australian Taxation system encourages middle to high income earners to take out Private Health Insurance. While most taxpayers pay a 1.5% Medicare Levy, an additional 1% Medicare Levy Surcharge is payable by those taxpayers who earn more than $76,000 and do not have Private Health Insurance.