Insurance companies in Australia

The Insurance industry in Australia for retail insurance is dominated by domestic insurers. The Insurance Council of Australia indicates the industry generates gross premium revenue of $33.4 billion a year and has assets of $101.7 billion as at 2012. While their are many insurance companies within the country serving various niches and products, the largest by market share include IAG and Suncorp along with its subsidiary companies.

Medicare and Australian Health Insurers

Within Australia, their is a national publicly funded universal health care system called Medicare. While all Australians have access to Medicare, they may also opt to participate in private healthcare which includes private doctors and private hospitals. Legislated tax incentives were initiated to encourage higher earning Australians to participate in this private market to reduce the burden on the public health system.

CTP and Car Insurers

In most states in Australia when you register a vehicle (usually paid annually or semi annually to your state government), part of the cost included is Compulsory Third Party Insurance or commonly abbreviated as CTP. It usually provides compensation to crash victims where the owner of a registered state driver is at fault. This may include passengers, cyclists, pedestrians and other road users which can include treatments and expenses. It however does not apply to damage of property or vehicles. The private car insurance market in Australia caters to the damage of vehicles as well as legal liability.

How much people in Australia are paying

Insurance TypePrice Range(1 Month)
HealthFrom: 342.00 to: 342.00
BoatFrom: 33.33 to: 33.33
CarFrom: 85.00 to: 88.00
HomeFrom: 60.00 to: 60.00
AmbulanceFrom: 4.17 to: 100.00
CompanyCountryTypeBranchesHistorySpecialistParentMembers
RACT RACTAustraliaRoadside AssistanceOnline, Phone, Branches in TASEstablished in 1923Generaln/aOver 184,000 members
RAC RACAustralian/aOnline, PhoneEstablished in 1905GeneralRAC Group720,000 members and 500,000 vehicles covered
Zurich Australia Zurich AustraliaAustralian/an/a1920n/aZurich Insurance Groupn/a
Youi YouiAustralian/an/an/an/aRand Merchant Insurance Holdings Groupn/a
Virgin Money Australia Virgin Money AustraliaAustralian/an/a2003n/aVirgin Groupn/a
TIO TIOAustraliaCrocodile AttackOnline, Phone, BranchesEstablished in 1979GeneralNorthern Territory Governmentn/a
TAL TALAustralian/an/a1990n/aDai-ichi Life4th largest life insurer in Australia - 13% market share
Suncorp SuncorpAustraliaLife, Income Protection, Businessn/an/an/an/an/a
Shannons ShannonsAustralian/an/a1970n/an/an/a
SGIC SGICAustralian/aOnline, Phone, Branches in SAInsuring SA since 1971GeneralInsurance Australia Groupn/a
Real Insurance Real InsuranceAustraliaLife, Income Protection, Home, Carn/an/an/an/an/a
RACV RACVAustraliaRenter42 full-retail locations across Victoria (2011)Incorporated in 1901GeneralN/A2 million members
RACQ RACQAustraliaPetOnline, Phone, Braches in QLDEstablished 1905Generaln/a1.2 Million members
RAA RAAAustralian/aOnline, Phone, Braches in SA and Broken HillEstablished in 1903GeneralRAA Insurance LtdAlmost 600,000 members
QBE QBEAustralian/aOnline, Phone, Branches in some StatesFounded in 1886GeneralQBE Insurance Group Limitedn/a
Progressive Australia Progressive AustraliaAustralian/aonline2009n/aProgressive (U.S.)n/a
OnePath OnePathAustraliaLifeANZ & financial advisor groups1878n/an/an/a
NRMA NRMAAustraliaBoat, Car, BusinessOnline, Phone, Braches in some statesOrigins date back to 1925 in NSW and ACTGeneral - AutoInsurance Australia Groupn/a
NIB NIBAustraliaLifeOnline, Phone, Braches in some StatesEstablished 1952HealthNIBHealth cover to more than 800,000 people
Medibank Private Medibank PrivateAustraliaTravelOnline, Phone, Branches in some StatesEstablished 1975HealthAustralian GovernmentOver 3.4 million people covered
Just Car Insurance Just Car InsuranceAustralian/an/an/an/an/an/a
Insuranceline InsurancelineAustraliaFuneral, LifeOnline, Phonen/aLife Insurancen/an/a
HCF HCFAustraliaHospital, Personal Accident, Trauma, Income Assist, Kids AccidentOnline, Phone, Branches in some StatesEstablished 1932HealthHCF Australia LimitedOver 599,000 policy holders
HBF HBFAustraliaFuneral, LifeOnline, Phone, Branches in WA1941HealthHBF GroupOver 900,000 members in WA
Guardian Insurance Guardian InsuranceAustraliaFuneral, LifeOnline, PhoneHollard has been in Australia from 1999 and Hannover since 1958Life InsuranceHollard Group partnered with Hannover Life Re of AustralasiaHollard has more than 300,000 customers in Australia
GMHBA GMHBAAustralian/an/a1927n/an/a210,101
GIO GIOAustralian/aOnline, Phone, Branches in some StatesEstablished in 1927GeneralSuncorp Groupn/a
CGU CGUAustralian/aOnline, Phone, Branches across AustraliaHistorically dates back 160 years in AustraliaGeneraln/an/a
Bupa Australia Bupa AustraliaAustraliaAmbulanceOnline, Phone, Bupa Centres60 years through Mutual Community, MBF, and HBAHealthBupa Group3.5 million customers
Budget Direct Budget DirectAustraliaRoadside Assistance, Life, FuneralOnline, PhoneBudget Insurance Group late 1970s, Budget Direct in Australia 1999General - AutoBudget Insurance Groupn/a
BT BTAustraliaTerm Life, Total and Permanent Disablement, Income Protection, Traumabancassurance through Westpac1817n/an/a1 million in Australia
Bingle BingleAustraliaCarOnlineFormed in 2007AutoSuncorp Groupn/a
Australian Unity Australian UnityAustralian/aOnline, PhoneOrigins 1871HealthAustralian Union LimitedHealth Cover over 350,000
Asteron Life Asteron LifeAustralian/an/a1833n/aSuncorp Groupn/a
Apia ApiaAustralian/an/aIt was started in1986n/aSuncorp700,000
ANZ Insurance ANZ InsuranceAustraliaLife, Income Protectionapprox 8001835n/aANZn/a
AMP AMPAustralian/an/a1849n/an/an/a
Allianz Australia Allianz AustraliaAustraliaLife, Roadside AssistanceOnline, Phone (claims 24/7)Allianz AG 1890, Australian Origins 1914GeneralAllianz GroupOver 2 million policy holders
AIA Australia AIA AustraliaAustralian/an/a1931n/aAIA Groupn/a
AAMI AAMIAustraliaIncome Protection, LifeOnline, Phone 24/7Established 1970Auto, GeneralSuncorp GroupOver 2.5 million policy holders
SGIO SGIOAustraliaMotorcycle, Scooter, Caravan, BoatOnline, Phone, 6 Branches in WA1926GeneralInsurance Australia Groupn/a
RSPCA RSPCAAustraliaPetOnline1871animalPolicies issued by The Hollard Insurance Companyn/a