The Australian insurance market has three broad categories – life insurance, general insurance and health insurance. Life insurance products sold in Australia include term life insurance and disability income. Superannuation investment products are another element of life insurance items in the country. Likewise, general insurance products of the country can be divided into two sections. The first section is liability insurance, which includes compulsory third party (CTP) motor insurance, worker’s compensation, business insurance, public liability insurance and professional indemnity insurance.
The second part of Australian general insurance is property insurance with elements like home and contents insurance, travel insurance, etc. The last but very crucial category of the Australian insurance market pertains to health. The Australian Government provides a basic universal health cover through the Medicare Scheme. However, it does not cover for all health-related services and sometimes, citizens find themselves on lengthy public hospital waiting lists even for common procedures. So, many Australins choose to pay for private health insurance.
These three broad insurance categories are covered by an array of insurance companies. The abundance of choice can make it difficult for people to decide. But, fret not, as we will delve into the eight best insurance companies of Australia in this crisp yet in-depth blog.
Top 8 Insurance Companies in Australia – An Updated Review
Insurance Australian Group Limited (IAG)
Any list talking about the best insurance companies of Australia has to begin with Insurance Australian Group Limited (IAG). It is the largest general insurance of Australia, controlling one third of the market. IAG sells insurance policies under several well-known brand names, such as CGU, Swann Insurance, Poncho Insurance, SGIO, etc. Combined, these businesses underwrite USD 13 billion in premiums each year. IAG’s insurance coverages include vehicle, lifestyle and leisure, rural and farming, property, businesses, third-party, marine, construction and engineering, and more.
QBE Insurance Group
QBE is a global insurance and reinsurance company operating in 37 countries. It has a workforce of 14500 worldwide and it specializes in an array of personal, commercial and specialty products and risk management solutions. QBE Australia is headquartered in Sydney and has offices in all 50 states and territories of the country. It is the third-largest general insurer of the country, accounting for more than a tenth of the Australian market share.
QBE Australia’s products are intended for a diverse cohort, including individuals, businesses, corporations and businesses. From home to auto insurance to specialized safeguard for sectors like farming and aviation, you can count on QBE for the A to Z of Australian insurance plans.
Suncorp Group Limited
With a market capitalization of USD 15.03 billion, Suncorp Group Limited is the third best insurance company on our list. Suncorp is one of Australia’s most reputed and reliable mid-size banks dealing in a wide platter of financial products and services, besides general and commercial insurance in Australia. If we talk about numbers, Suncorp occupies a quarter general insurance market, making it an absolute force to be reckoned with.
Suncorp has a variety of options for home, contents and auto insurance so that you achieve all your financial objectives and enjoy a secure life. Moreover, some other financial products that Suncorp deals in include home and personal loans, superannuation accounts, self-managed super funds (SMSFs), share trading, and more.
Medibank Private was established by the Australian Government in 1976 as a private health insurer (not-for-profit), operated by a statutory authority of the Health Insurance Commission. In its 45 years of existence, Medibank has emerged as the most renowned private health insurance companies of Australia, catering to the needs of 3.9 million customers.
Thus, the company has quite the stature when it comes to customer satisfaction and market share. Some of the insurance services of Medibank include health insurance, corporate health cover, overseas students (OSHC), visitors and working visas, pet insurance, travel insurance, life insurance and funeral insurance.
Steadfast Group Limited
Steadfast is the largest general insurance broker network in Australia and also the largest group of insurance companies in the country. It brings together 417 general insurance brokerages under one renowned brand. Thus, brokers in the Steadfast network have access to over 150 commercial and personal insurance products. Hence, these businesses get excellent support and are empowered to concentrate on the insurance and risk management needs of their clients.
The Steadfast Network broker advantages include broker services, policy wordings, exclusive access to Steadfast’s breakthrough technology, and claim triage help. As of 2024, the companies (with all its partners) have written more than USD 11.5 billion in gross premiums for Australia’s SME insurance market.
NIB Holdings Limited
NIB is a global private health insurance provider that provides an array of healthcare and medical coverage to more than 1.5 million customers in Australia and New Zealand and to over 190,000 international students and foreign workers in the country. Moreover, through its ancillary company – NIB Travel, they also become the top Australian travel insurers and global distributors of travel insurance.
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Some of the insurance coverages of NIB Holdings Limited include health insurance for singles, couples, family, overseas students, lifetime health cover, etc, and international travel insurance, annual multi-trip insurance, and more.
Gallagher is a global insurance brokerage, risk management and consulting company operating in more than 60 nations worldwide. It is the go-to insurance partner for over 130000 businesses in Australia. Gallagher caters to the insurance-related needs of individuals, small businesses, corporations and associations. Some of its popular coverages include cyber risk management and directors and officers’ liability for corporates, professional indemnity for small businesses, landlords insurance, auto insurance, home and contents insurance and pleasure craft insurance (part of personal insurance), etc.
- AUB Group Limited
Last but not least, the eighth best insurance company in Australia is AUB Group Limited. It was launched in 1985 and since then has garnered 900000 clients across New Zealand and Australia. AUG Group encompasses a network of underwriting agencies, insurance brokers, and risk management service providers, which together write over USD 4.4 billion in gross premiums. The success of AUB can be attributed to its equity-based company model that makes owners the direct in-charge of day-to-day operations.
So, there we have it, a crisp overview of the top 8 insurance companies of Australia.