Australia Insurance, Companies & Insurance Quote
Australia offers a sophisticated insurance market divided into three components namely life insurance, health insurance and general insurance.
However, recently several companies have widened their scope into general financial services and are facing tough competitions from foreign financial conglomerates and banks.
Australia insurance is visualizing an increase in the sales of Direct Life Insurance. The increase was basically for insurance offering cover for disability, death and trauma. However, majority life insurance is through superannuation funds.
The direct products in Australia are expensive and the sales increase is owing to the internet and promotion of products.
The non-life insurance sector includes Australia Post, Supermarket Coles and Virgin Money. Progressive Direct Insurance is doing well with motor insurance.
Insurance in Australia done by certain companies lead the pack namely, MLC Insurance that includes life insurance, critical illness insurance, business expenses insurance, permanent disability insurance and income protection insurance.
QBE, a multi-national insurance company offers personal insurance products such as landlords insurance, home insurance, motor vehicle insurance, and many more. Allianz Australia and AMP are also life insurance companies offering diverse products including health, life and general insurance.
The types of insurance in Australia are life insurance products including term life insurance and disability income insurance. These life insurers sell superannuation investment products as well.
The life insurance providers in Australia are mainly companies such as AMP Limited, Allianz Australia and AXA. Apart from this, life insurance is sold by credit unions and friendly societies also.
General insurance in Australia is segmented into two classes namely, the Property insurance that deals with travel insurance, insurance for home and contents and comprehensive insurance for motor vehicles.
The general insurance also involves liability insurance with compulsory third party such as motor insurance, business insurance, worker’s compensation and public liability insurance. The large general insurance providers in Australia are giant companies namely, Suncorp-Metway, Xurich Insurance, Allianz Australia, Insurance Australia Group, QBE Insurance, Calliden and CGU insurance.
There are Australian insurance online-only insurers namely, Bingle, Progressive Direct and The Buzz.
Health insurance in Australia is restricted to services that are not covered by Medicare. The major Australian insurance companies include multinational insurance companies backing local and foreign consumers. The Australian industry is attributed to forecast positive growth and is predicting to grow thrice its present size by 2017.