Expat Community > Australia

MarkWeiss
Joined 2008
Posts: 1

Top Insurance Companies in Australia

16 years ago

Australia has a thriving insurance industry. By May of 2008, there are 32 registered life insurers in the country; some of these are multinational insurance companies that are backing both local and foreign consumers. By the last count, moreover, there are 103 companies that provide general insurance services in Australia; 30 more are restricted from providing general insurance services directly to end consumers but are allowed to act as brokers, agents and underwriters for other insurance companies. Continued growth in the Australian industry can be attributed to positive growth forecasts; specifically, it is predicted that the insurance industry will grow up to thrice its current size by the year 2017. This boom in the industry may have led to a bigger piece of the pie for everybody, but the following insurance companies are leading the pack:

MLC Insurance

From the National Australian Bank comes MLC a major provider of financial planning services including insurance. The DEXX&R Life Analysis Report dated December 2007 shows that MLC Insurance is first when it comes to personal insurance annual inforce premiums. The National Australia Bank also reports that MLC Insurance got the number one spot in the retail risk premium market, showing double-digit cash earnings and revenue increases. MLC was also awarded two awards the Best Life Insurance Product and Best Life Insurance Company during the Australian Banking and Finance 4th Annual Insurance Awards in 2006.

MLC Insurance provides a wide range of insurance services. Personal insurance products include life insurance, total permanent disability insurance, critical illness insurance, income protection insurance, and business expenses insurance. MLC Insurance also offers general insurance, group insurance, and debt protection products.

QBE

QBE Australia, part of the QBE Insurance Group, is the largest multi-national insurance company based in Australia. It also belongs to the top 25 insurers worldwide. The QBE Insurance Group was the recipient of the Insurance Group of the Decade Award during the ABF 4th Annual Insurance Awards.

QBE Australia offers a diverse set of general insurance products; it doesnt offer life insurance, however. Among its personal insurance products are home insurance, landlords insurance, leisure travel insurance, and motor vehicle insurance (e.g. car insurance, third-party compulsory insurance, motorcycle insurance, boat insurance, and caravan insurance). It also offers a wide range of business insurance services including workers compensation, professional liability and property insurance.

Allianz Australia Life Insurance Limited

Allianz Australia Life Insurance Limited is a subsidiary of Allianz Australia Limited. This is another top insurance company in Australia, offering both life and general insurance coverage. It got the Best General Insurance Company Award in the 2006 ABF Magazines Insurance Awards. With over 2 million policy holders, it is also the fourth largest provider of general insurance services in the country.

Allianz offers its customers all sorts of personal insurance products including life, health and general insurance. Among its general personal insurance products are home, travel, car, boat, and pet insurance. Allianz also provides business insurance products like workers compensation and small business insurance.

AMP

AMP is a large wealth management company; it is actually the largest provider of superannuation products in the retail and corporate sector. Like Allianz, this company operates both in Australia and New Zealand.

AMP offers a comprehensive mix of insurance products including life and non-life insurance. Apart from the usual types of general insurance plans (vehicle, travel, income protection, etc), it offers the unique top strata residential insurance.

For more information on Life Insurance, please visit http://ezinsurance.com.au, a website that helps you compare prices, features, and financial strength of hundreds of life, trauma and income protection insurance policies in Australia.

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