Life insurance
Life insurance products sold in Australia include term life insurance, 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 insurers
Some of the life insurance companies which operate in Australia are:
AMP Limited
AXA
Allianz Australia
In addition, life insurance is also sold by friendly societies and credit unions
General insurance
General insurance products sold in the Australian can roughly 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.
General insurers
The three large general insurer groups are:
Insurance Australia Group (which includes NRMA, RACV, CGU, SGIO)
Suncorp (which includes AAMI, GIO, APIA, Just Car, Bingle)
QBE Insurance
Other insurers are:
Allianz Australia
Hollard Insurance (which includes Real Insurance,Guardian Insurance, Aussie, Australian Seniors)
Budget Direct (which includes Virgin Money, Australia Post)
Westfarmers (which includes Coles)
Calliden Insurance
Youi Insurance
Progressive Direct
Life insurance products come in a variety of offerings catering to the investment needs and objectives of different kinds of investors.
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