01 Jul Unique Features of Australian Life Insurance Market
Uplift of the Australian economy resulting in a better lifestyle of masses couldn’t be possible without participative role of insurance sector. Estimations define the Australian insurance sector as broadly divided into two categories – the liability insurance whose sub categories are compulsory third party motor insurance, insurance meant to compensate workforces, professional indemnity policies, public liability or business insurance et al are prominent.
Similarly property insurance policies like home and contents insurance, travel insurance or comprehensive motor vehicle insurance are some that come into the limelight in the Australian society. Whatever may be a type of insurance all vary according to need specification? Prominent insurance groups operating in the Australian market are:
- Insurance Australia Group (having NRMA, RACV, CGU, SGIO in its operation)
- Suncorp Group (which has AAMI, GIO, APIA, Just Car and Bingle in its list)
- QBE Insurance
Other noticeable groups operating in Australia are Allianz Australia, Hollard Insurance (include Real Insurance, Guardian Insurance, Aussie and Australian Seniors), Budget Direct (with Virgin Money and Australia Post listed), Westfarmers with Coles, Calliden Insurance, Zurich Insurance and Youi Insurance amongst others.
Good Variety to Choose:
Australian insurance market fulfills diverse needs of its populace who have variety in life insurance needs. The basic health insurance of Australian Government for the masses Medicare is too sought after. Many privately owned Australian health insurance operators offer diverse options for its masses to get them insured for a healthy lifestyle. These insurance policies are suited to people of all income groups.
Similarly industry structured life insurance options are those that play crucial role in strengthening the Australian economy. They were traditional mutual companies few decades ago that turned into insurance groups in 1980s and 1990s just to become part of the sustainable industry in Australia to improve the lifestyle of its masses.
Insurance Regulation Factors:
A wide variety of general life insurance policies especially term and whole life insurance are those that turn Australian society financially improvised. The insurance operators – including private and those run by Australian governments are regulated through Australian Prudential Regulatory Authority (APRA).
The Australian Securities and Investments Commission (ASIC) resolve issues for better functioning. In fact mere presence of Australian Competition and Consumer Commission (ACCC) is crucial in regulatory aspects that make life insurance a good investment option.