Insurance in Australia

Australia's insurance market 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. With services such as disability insurance, income protection and even funeral insurance, these insurance giants are stepping in to fill the gap where people may have otherwise been in need of a personal or signature loan from their financial institution.

Life insurance products sold in Australia include term life insurance and 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 insurance in Australia is sold through intermediaries (such as brokers) as well as direct to the consumer, in fact Australia is one of the leading countries when it comes to selling life insurance through direct channels.

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

In addition, life insurance is also sold by friendly societies, credit unions, health funds and large retailers such as Coles Supermarkets and Woolworths Limited.

General insurance products sold in the Australian market can roughly be divided into two classes:

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.

Large general insurer groups include:

Previous insurers include:

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.

...
Wikipedia