27 List Of Insurance Companies In Australia (2023)
Today we will be writing on a special topic which is the list of insurance companies in Australia.
As a business mogul, or 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.
List Of Insurance Companies In Australia
- Australian Associated Motor Insurers Limited
- AMP
- AXA
- Bingle Insurance
- Budget Direct
- CGU Insurance Limited
- The Colonial Mutual Life Assurance Society Limited
- Combined Insurance
- Cover-More Group
- GIO General
- GMHBA Limited
- HBF
- HCF (The Hospitals Contribution Fund of Australia)
- Health Insurance Fund (HIF)
- Insurance Australia Group Limited (IAG)
- NIB Health Fund
- The National Roads and also Motorists’ Association (NRMA)
- The Progressive Corporation
- QBE Insurance Group Limited
- Real Insurance
- The Royal Automobile Association
- The Royal Automobile Club of Victoria
- SGIC
- Suncorp Group Limited
- Travel Insurance Direct
- Vero Insurance
Contact Us For Insurance Companies In Australia (Addresses, Phone Number & Website)
- Australian Associated Motor Insurers Limited
Company Established: 1969
Headquarters Location: Brisbane, Australia
Main Area(s) Served:: Australia
Subsidiaries: AAMI Superannuation Limited, ABBi Pty. Limited, Skilled Drivers of Australia Limited
Official Website: www.aami.com.au - AMP
Customer service: 009 61 2 8048 8162
CEO: Francesco De Ferrari (1 Dec 2018–)
Headquarters Location: Sydney, Australia
Subsidiaries: AMP Capital, AMP Group Holdings Limited, MORE
amp.com.au - AXA
Address: Level 26/1 Bligh St, Sydney NSW 2000, Australia
Phone: +61 2 8211 0621
https://www.axa-im.com/australia - Bingle Insurance
(Online Only)
www.bingle.com.au - Budget Direct
Company Established: 1999
Headquarters Location: Brisbane, Australia
Number of employees: 1,300
Type of business: Private
Main Area(s) Served:: Australia
www.budgetdirect.com.au - CGU Insurance Limited
Parent organization: Insurance Australia Group
Headquarters Location: Melbourne, Australia
Company Established: 1998
Main Area(s) Served: Australia
Key person: Peter Harmer
Subsidiaries: Swann Insurance, Mutual Community General Insurance
: www.cgu.com.au - The Colonial Mutual Life Assurance Society Limited
Company Established: 1873
Headquarters Location: Melbourne, Australia
Areas served: Oceania, Asia, United Kingdom - Combined Insurance
Headquarters Location: Chicago, Illinois, United States
Founder: W. Clement Stone
Company Established: 1922
Number of employees: 5,400 in North America
Parent organizations: Chubb Limited, ACE INA HOLDINGS INC
Subsidiaries: Combined Life Insurance Co of New York,
The official website is: www.combinedinsurance.com - Cover-More Group
Company Established: 1986
Headquarters Location: Sydney, Australia
Number of employees: 2
Parent organizations: Zurich Insurance Group, Zurich Insurance Company Ltd
Subsidiaries: Cover-More Insurance Services,
Their official website is www.covermoregroup.com - GIO General
Customer service: 009 61 3 8650 4196
Parent organization: Suncorp
Headquarters Location: Brisbane, Australia
Company Established: 1927
Subsidiaries: Gio Workers Compensation (Nsw) Pty Limited, MORE
Their official website is www.gio.com.au - GMHBA Limited
Headquarters Location: Geelong, Australia
Company Established: 1934
Key people: Mark Valena (CEO) Trent Neagle (Actuary)
Subsidiary: health.com.au Pty Ltd
Type of business: Non-profit organization - HBF
Customer service: 009 61 8 9265 6111
Headquarters Location: Perth, Australia
Company Established: 1941
Subsidiaries: Friendlies Pharmacy, Healthguard Health Benefits Fund Limited, Hbf Financial Services Pty Ltd
Executive general manager: Andrea Hoskins (Health, Corporate Services), MORE
Their website is : https://www.hbf.com.au - HCF (The Hospitals Contribution Fund of Australia)
Customer service: 009 61 2 9290 0444
Headquarters Location: Sydney, Australia
Company Established: 1932
Their website is : www.hcf.com.au - Health Insurance Fund (HIF)
Company Established: 1954
Headquarters Location: Perth, Australia
Type of business: Non-profit member fund
Main Area(s) Served: Australia
Subsidiary: Health Insurance Fund Of Wa Inc., Asset Management Arm
Their official website is www.hif.com.au - Insurance Australia Group Limited (IAG)
Headquarters Location: Sydney, Australia
Subsidiaries: CGU Insurance, AMI Insurance, NZI, SGIC, SGIO.
Their official website is www.iag.com.au - NIB Health Fund
Customer service: 009 61 2 4914 1100
Headquarters Location: Newcastle, Australia
CEO: Mark Fitzgibbon (Oct 2002–)
Subsidiaries: IMAN Australian Health Plans Pty Ltd,
Their official website is www.nib.com.au - The National Roads and also Motorists’ Association (NRMA)
Type of business: Mutual (Membership type association)
Headquarters Location: Sydney Olympic Park, New South Wales, Australia
Membership: 2.6 million members
Their official website is: www.mynrma.com.au - The Progressive Corporation
Headquarters Location: Mayfield, Ohio, United States
Their official website is www.progressive.com - QBE Insurance Group Limited
Headquarters Location: Sydney, Australia
Subsidiaries: General Casualty Insurance, QBE Americas.
www.qbe.com - Real Insurance
Parent company: Hollard Group
Official Website: https://www.realinsurance.com.au/ - The Royal Automobile Association
Headquarters Location: London, United Kingdom
Company Established: 10 August 1897
Type of business: Gentlemen’s club
Their official website is www.raa.com.au - The Royal Automobile Club of Victoria
Location: Victoria, Australia
Headquarters Location: Melbourne, Australia
Membership: 2.1m Members
Official Website: www.racv.com.au - SGIC
Located in: Rundle Mall
Address: 122 Grenfell St, Adelaide SA 5000, Australia
Phone: +61 8 8223 6858 - Suncorp Group Limited
Customer service: 009 61 7 3362 1222
Headquarters Location: Brisbane, Australia
Subsidiaries: AAMI, Bingle, Suncorp Bank, Vero Insurance.
Official Website: www.suncorpgroup.com.au - Travel Insurance Direct
Parent organization: Travel Insurance Direct Holdings Pty Limited
Official Website: www.travelinsurancedirect.com.au - Vero Insurance
Company Established: 2003
Headquarters Location : Sydney, Australia
Subsidiaries: GIO General, AAMI, National Transport Insurance, MORE
Parent organizations: Promina Group, Suncorp
Main Area(s) served: Australia, New Zealand
Official Website: http://www.vero.com.au/
Please remember that information contained in this article is purely educational content and does not constitute financial advice.
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.
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 including building, supply stock, and machinery, while for an individual involves Hoe insurance.
- Pecuniary Insurance: this type of insurance is designed to absorb the Business Company the effects of purely financial losses from a fraudulent transaction, and 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 fleets.
- Liability Insurance: this insurance is designed to cover any liable damage that may be incurred when we are legally required to pay compensation to persons injured by property results 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, shipwrecks, cargo, and fire among other causes, while Aviation insurance covers aircraft and the 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, and general insurance.
The Australian markets are very distinct because many of the big insurers specialize in 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 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.
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 from 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, 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 his 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, capitalists, and travelers. This system made any loss incurred on any voyage not to have any serious effect or deal any serious blow to anyone man but shared in little pieces manageable by business enthusiasts 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 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 from 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 something to look into, either as individuals or corporate bodies. While no one expects an unintended evil to befall them, just such misfortunes happen randomly and at the most inconvenient and unexpected times.
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 about the term and condition, you can actually involve your legal practitioner to help in such an 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.
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Tags: List Of Insurance Companies In Australia, Australian health insurance companies list
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