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Australia 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.
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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.
Life insurers
Some of the life insurance companies which operate in Australia are:
- AMP Limited
- AXA
- Allianz Australia
- MLC
- Macquarie Life
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.
General insurers
The three large general insurer groups are:
- Insurance Australia Group (which includes NRMA, RACV, CGU, SGIO)
- 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)
- Budget Direct (which includes Virgin Money, Australia Post)
- Wesfarmers (which includes Coles)
- Calliden Insurance
- Zurich Insurance
- Youi Insurance
- Progressive Direct
Previous insurers include:
- Promina Group merged with Suncorp in 2007
- SGIO and SGIC purchased by IAG
- HIH Insurance collapsed in 2001
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