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LIST OF INSURANCE COMPANIES IN AUSTRALIA

 Today we will be writing on a special topic which is the full list of insurance companies in Australia. As a business mogul, individual with property and other landed property or automobiles, you can ensure your life and properties, we will be taking our time to give you every nitty-gritty of all you need to know about the different Australian insurance companies and the types available, sit back and enjoy the flow.

FULL LIST OF INSURANCE COMPANIES IN AUSTRALIA

WHAT IS AN INSURANCE

To many, insurance is a household used term, some even see their dad’s, friend’s relation insurance card and other documents related to an insured property and they begin to wonder what on earth is the meaning of insurance and how beneficial or purpose is this company.

In the real sense, we can say Insurance is the basic form or a way of managing risk with the intention of protecting anyone who undertakes it from financial loss. It involves the agreement between an individual or corporate entity with an institute to arrange for reimbursement of the certain amount of cash in case of a specified loss as specified in the contract. The kind of loss varies depending on the kind of issues that possess more risk to the undertaker. All forms of service are provided by the company provided that the Undertaker agrees to pay an agreed sum of money frequently as a premium of service. This method allows the huge amount of money that may be needed to cover an unexpected disaster to be paid in little stipends over a period of time.

list of insurance companies in australia

List Of Insurance Companies In Australia

TYPES OF INSURANCE

Depending on the kind of risk common to an area, or issues that possess more risk to an undertaker, there is various kind of insurance packages or policy to choose from.  Many of the most frequently used insurance policy are stated under the categories of general insurance for private and corporate bodies. Examples of insurance include:

  •    Property Insurance: this kind of insurance is used to cover risk factors that involved physical properties for companies includes building, supply stock, and machinery, while for an individual involves Hoe insurance.
  •    Pecuniary Insurance: this type of insurance is designed to absorb Business Company of the effects of purely financial losses from a fraudulent transaction, legal charges of interruption of business as opposed to physical damage to property.
  •    Motor Insurance: this insurance is designed to cover damages incurred on automobiles like private vehicles, bikes, and car fleet.
  •    Liability Insurance: this insurance is designed to cover any liable damaged that may be incurred when we legally required to pay compensation to persons injured of property result as a consequence of our actions
  •    Marine and Aviation Insurance: this involves the insurance for risk or damages incurred either by sea for marine arising from storms, shipwreck, cargos, fire among other causes, while Aviation insurance covers aircraft and risk that flying and landing poses to them in various forms.
  •    Life Assurance: this insurance is created to guarantee that if the person survives to an agreed age, a specified sum of money to be given to family members in case of death.
  •    Health and Protection Insurance: this kind of insurance is designed to pay out reimbursements to the undertaker in case of illness, sickness of the accident.

INSURANCE COMPANIES IN AUSTRALIA

The Insurance industry in Australia can be classified into four main sectors depending on the kind of insurance they offer to the good people of Australia. These three categories are Life assurance, Health Insurance, general insurance.

The Australian markets are very distinct because many of the big insurers specialize on only one specific type of insurance.

However, in recent times, many companies are shapeshifting into providing more general services.  Insurance companies in Australia are offering services that would in time past have requires that consumers obtain loans from banks. While it may appear as of there are many outlets providing insurance in the country, the truth is that the many outlets belong to groups of outlets managed by a mother group.

LIFE INSURANCE PROVIDERS IN AUSTRALIA

The companies that offer this service in Australia include:

  • AIA Australia
    • AIA is a member of the Hong Kong group of the same name. This group is arguably the biggest publicly listed life insurance group out of Asia.
  • AAMI Life
    • AAMI life is a brand member of the Suncorp group, it has been so since the year 2007.
  • AMP Limited
    • AMP Limited is a longtime indigenous company out of the Australian company. The company is listed on the Australia Stock Exchange.
  • AXA
    • AXA is a subsidiary of the AMP Group.
  • Asteron Life
    • Asterion Life is another subsidiary of the Suncorp Group
  • NRMA Insurance
    • A member and brand of the Insurance Australia group.
  • Allianz Australia
    • A member of the Allianz group which is the largest insurance company on the world.
  • MLC
    • MLC is a member of the National Australia Bank
  • One Path
    • A member of ANZ Bank group
  • Real Insurance
    • Real Insurance is the Australian member of the Hollard Group.
  • TAL
    • A member of the Dai-chi group
  • Zurich Australia
    • This company is a member of the Global Insurance
  • General insurance Provers.
    • The big players in this sector include.
  • Insurance Australia Group (IAG)
    • They offer service through smaller outlets like:
      • NRMA, RACV,  CGU, SGIO, and Buzz.
  • Suncorp
    • Outlets under Suncorp includes
      • AAMI, GIO, APIA, Just Car, Vero, Jingle, InsureMyRide, Shannons, CIL, and Terri Scheer.
  • QBE Insurance
    • QBE provides Auto and General insurance under subsidiary brands like:
      • Australia Post, Budget Direct, Virgin Money, And Compare the Market
  • Allianz Australia
    • They offer insurance through; Club Marine, And Hunter Premium Funding
  • Hollard Insurance.
    • The broker they are offered through brands like Guardian,
      • Real Insurance, Woolworths, Australian Seniors Insurance, And Medibank.
  • Health insurance
    • Health insurance is provided by the Australian Government through the  Medicare scheme. The premium for health insurance is taken out as a tax.

Other Insurance Service providers in Australia include:

  1. Associated Marine
  2. Bingle
  3. Budget Direct
  4. CGU Insurance
  5. Colonial Mutual
  6. Combined Insurance
  7. Cover-More
  8. GIO General
  9. GMHBA Limited
  10. HBF Health Fund
  11. HCF Health Insurance
  12. Health Insurance
  13. HIH Insurance
  14. manufacturers Mutual Insurance
  15. Nib Health Funds
  16. National Road and Motorists’ Association
  17. Progressive Corporation
  18. Promina Group
  19. Royal Automobile Association
  20. Royal Automobile Club of Victoria
  21. T and G mutual Life Assurance Society
  22. Travel Insurance Direct
  23. Vero Insurance

QUICK HISTORY OF INSURANCE

Insurance is something that has come to stay with us. Insurance has evolved distinctly from the form in which it first appeared as the code of King Hammurabi of the ancient Babylonian empire carved into a monumental Obelisk showing that he would bear the responsibility for such monument. Insurance first appeared as ancient laws that provided a leeway that a debtor need not pay back his loan if he was crippled by a certain disaster that made it impossible for him to pay back such loans. This practice served as a precursor to modern day insurance cover, where an individual is absorbed of the responsibility of shouldering the cost of rebuilding that follows a personal disaster or tragedy.

Group insurance like personal insurance also evolved out of a common practice in the dark and idle ages. The practice was found among a network of craftsmen, artisans, and artists. The system offered a form of dependency whereas an apprentice learned under the steady hands of a master, he receives little or no pay. However, once they finished paying their dues and have become masters themselves, they join other masters in paying a due to the collective purse or coffer of the guild and take in their apprentice. The dues paid to the guild establishes that a man was a part of the responsible member of the creative community, which in turn meant that in case of unfortunate occurrences of the master getting robbed, His workshop burned down or dead, the guild would offer to assume the man’s full responsibility and obligation in addition to rebuilding his workshop, restocking his workshop until the money flow begging positively for him. And in case of death or crippling accident or disability, the guild of living masters would support him, his widow and family.

The first modern form of risk sharing was developed in London for maritime adventure, the risk of marine voyage and adventure was shared within ship owners, merchants, companies, capitalist, and travelers. This system made any loss incurred on any voyage not to have any serious effect or deal any serious blow to any one man but shared in little pieces manageable by business enthusiast without causing life-changing or crippling losses. This system of insurance was so successful that when what is now known as the great fires of London rages caused a havoc resulting in the damaging of approximately 14,000 buildings, the survivors of a double tragedy, the fire, and the preceding plague were left hopeless only to be rescued by tycoons in the maritime expenditure insurance, moved to create fire and plague protection.

After the industrial revolution, insurance thrived and became the thing to do for serious business minded people. The invention of the calculator by the Frenchman Blaise Pascal and probability by fellow Frenchman Pierre de Fermat made it possible for insurance providers to crunch down risk down to rates, numbers, and percentages.

Insurance became global through America who received her first insurance policy as a colony of the old world. But since the scenario in America was different to the conditions in Europe, it was challenging for insurance policies that actually mattered to the people be created which in turn set back the consolidation of insurance in America by about a hundred years.

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CONCLUSION ON THE LIST OF INSURANCE COMPANIES IN AUSTRALIA

Insurance is definitely something to look into, either as individuals or corporate bodies. While no one expects that an unintended evil to befall them, just such misfortunes happen randomly and at the most inconvenient and unexpected time.

Depending on your pocket size, and what you have to protect, an insurance agent will advise you on which plan to take. Insurance should be taken seriously to avoid any crumbling financial difficulty that may arise out of unseen circumstances.

The list of insurance companies in Australia is expected to keep growing. And if you want to save your family the stress of funeral arrangements after your departure, some life assurance policies would be of interest to you.

Before we finish everything on this topic, it will be an injustice done not to guide against reading the agreement terms and policy of a company you want to enter an agreement with, it is the first thing you are advised to do as someone about to embark on certain insurance on some of your property. Some insurance companies can smartly play on the intelligence of their clients, it takes a very vigilant individual to detect this. If you are confused on the term and condition, you can actually involve your legal practitioner to help in such area, of course, that is the primary purpose you have a lawyer. So, do well to understand privacy and other terms you need to know about the company before embarking on sighing an agreement with such an organization.

Lastly, as a businessman, you can be at peace knowing fully well that no matter what happens you are covered.

Have an insured life.

Tags: List Of Insurance Companies In Australia, Australian health insurance companies list

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Updated: August 4, 2018 — 3:49 pm

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