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Statements

Subject Item
dbr:Insurance_in_Australia
rdfs:label
Insurance in Australia
rdfs:comment
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.
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dbc:Insurance_in_Australia
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9059047
dbo:wikiPageRevisionID
1105829494
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dbr:InsureandGo dbr:Medibank dbr:Payment_Card_Industry_Data_Security_Standard dbr:Australian_Prudential_Regulation_Authority dbr:1Cover_Travel_Insurance dbr:HIH_Insurance dbr:Myer dbr:Australian_Securities_&_Investments_Commission dbr:Australian_Securities_Exchange dbr:MetLife dbr:Medicare_(Australia) dbr:Mutual_organization dbr:New_South_Wales dbr:Worker's_compensation dbr:Manufacturers_Mutual_Insurance dbr:Health_Insurance_Act_2007 dbr:Westpac dbr:SGIC dbr:Tax_deduction dbr:Macquarie_Group dbr:OUTsurance_Holdings dbr:Woolworths_Group_(Australia) dbr:Property_insurance dbr:FAI_Insurance dbr:Demutualization dbr:Coles_Supermarkets dbr:AAMI dbr:Australian_and_New_Zealand_Institute_of_Insurance_and_Finance dbr:Government_of_Australia dbr:Professional_indemnity_insurance dbr:Royal_Commission_into_Misconduct_in_the_Banking,_Superannuation_and_Financial_Services_Industry dbr:Insurance_Australia_Group dbr:Life_insurance dbr:Allianz dbr:Term_life_insurance dbr:Public_liability dbr:Suncorp dbr:Australian_insurance_law dbr:Health_insurance dbr:GIO_General dbr:Royal_Automobile_Club_of_Victoria dbr:ACORD dbr:Australian_Competition_&_Consumer_Commission dbr:Commonwealth_Bank dbr:Australia_&_New_Zealand_Banking_Group dbr:Taxation_in_Australia dbr:Margin_on_Services dbr:Life_Insurance_Act_1995 dbr:Budget_Direct dbr:AIA_Group dbr:Vehicle_insurance dbr:Australia dbc:Insurance_in_Australia dbr:Underwriter dbr:Insurance dbr:Zurich_Insurance dbr:Liability_insurance dbr:Fast_Cover dbr:SGIO_(Western_Australia) dbr:Insurance_Act_1973 dbr:Insurance_Contracts_Act_1984 dbr:Superannuation_in_Australia dbr:Australia_Post dbr:General_insurance dbr:Dai-ichi_Life dbr:Nippon_Life dbr:National_Australia_Bank dbr:Hollard_Group dbr:Corporations_Act_2001 dbr:Banking_in_Australia dbr:NRMA dbr:Competition_law dbr:Bupa dbr:Good2Go_Travel_Insurance dbr:Promina_Group dbr:Financial_system_in_Australia dbr:Disability_insurance dbr:QBE_Insurance dbr:Real_Insurance
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dbo:abstract
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. There are apparently many companies offering insurance policies in the Australian market, but many are in fact underwritten by a limited number of insurers operating under various brand names. There are a number of large companies that present themselves as providers of insurance or financial services, such as Coles, Woolworths, Australia Post, Myer, RACV, NRMA, among others, but which actually only sell insurance products of other companies under its brand name. Such companies at times describe themselves as insurance companies or as providers of financial services, but are better described as insurance retailers or insurance distributors. Such companies are generally not exposed to any insurance risks, but receive a commission (generally 10-20%) on the sale of these insurance products. Behind this apparent array of insurance providers and products, there are only a small number of companies that actually provide insurance, sometimes referred to as underwriters, some of which offer insurance products directly to the public. Four companies account for three-quarters of the general insurance market. They are Insurance Australia Group (IAG) with 29% of the market, Suncorp with 27%, QBE with 10%, Allianz with 8%. Some general insurance is provided by government schemes or government insurers. Compulsory third party (CTP) motor insurance, worker's compensation, disability cover, and health cover may be covered by government schemes or insurers depending on the state of residence and insurance required.
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wikipedia-en:Insurance_in_Australia?oldid=1105829494&ns=0
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15206
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wikipedia-en:Insurance_in_Australia