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.[1] 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.[2]
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.
^Don't be fooled by the plethora of brands Sydney Morning Herald
^The hidden companies behind Woolworths and Coles insurance The New Daily 12 September 2018
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