Australia’s insurance market can be separated into roughly three components: life insurance, general insurance, and health insurance. These sectors are genuinely particular, with most larger insurers concentrating on just a single sort, although in spite of the fact that several of these companies have widened their scope into more broad financial services, and have faced competition from banks and subsidiaries of foreign financial conglomerates. With services such as disability insurance, income protection, and even memorial insurance, these insurance giants are venturing in to fill the gap where individuals may have generally need of a personal or signature loan from their financial institution.
Types of insurance:
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.
General insurance products sold in the Australian market can generally 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.
The Australian Government provides a basic universal health coverage through the Medicare scheme. Individuals and families can take out health insurance for services not covered by Medicare or for services provided in private hospital
The six main forms of general insurance are Home and Contents Insurance, Motor Vehicle Insurance, Business Insurance, Mortgage Loss Insurance/Lender’s Mortgage Insurance/ Mortgage Protection Insurance, Workers Compensation and Travel Insurance.
There are many other types of general insurance products offered by Australian insurance companies, these general insurance products offered include:
Compulsory Third Party Insurance (CTP)
Farm, Crop, and Livestock
General Property, Home, and Contents
Home Warranty and Lenders Mortgage
Public and Products Liability
Medical Indemnity Insurance