Australia Insurance
Insurance is essential part of every running business and it will protect your business by minimizing effects of risk. Insurers provide lump sum total and permanent disability insurance. In Australia, general insurance includes casual insurance such as vehicle insurance, Auto Insurance, liability insurance and property insurance. Each Australia state has its own motor vehicle third party insurance. General insurance companies also provide worker's insurance.
Australian government also provides universal health insurance. In Australia most of the life Insurance companies are mutual but in 1980 and 1990, many of them are demutualised and few are owed by banks. The prudential aspects and matter relating to disclosure of insurance proucts is regulated by Australian securities and regulatory commission. Australian insurance law regulated the insurance industry and insurance contracts of Australia. Body of law contains mainly insurance act 1973 and insurance contracts act 1984. Australian publicly listed company with its share traded on the ASX is an Australian insurance group (AIG). NRMA insurance group limited has changed its name to Australian insurance group limited in 2002.
International travel insurance for Australian traveling overseas provides maximum cover and benefits. Australian domestic travel insurance is suitable for visitors to Australia. Australia provide budget and backpackers travel insurance for those who have low budget with few belongings. For elder traveler who wants the peace of mind, provided by mature age travel insurance.
The travelers who make sure that medically they are going to be taken care of, then Australian government provide them medical care insurance. As an Australian you can choose to have medical health insurance and choosing a health insurance company is confusing. You should consider your specific life conditions and needs while selecting a policy. You should select a health insurance policy with co-payment option, purchasing a policy with an excess or purchasing a health insurance policy that covers only individual as private patient.
GIO in Australia offers third party and compulsory covers or motor vehicle insurance. Comprehensive car covers insurance covers damage to your vehicle. Third party property damage cover up to $20 million for loss to other party. Compulsory third party insurance covers injury to other people. Commercial motor vehicle insurance covers accidental loss or damage to the vehicle. Business insurance provided by GIO covers small to medium businesses. The covers include fire, burglary, general property and other damage.
GIO cover business insurance for professionals such as accountants, architects and medical professionals. Trade insurance covers public and product liability or general property. Work compensation insurance is necessary in Australia. Suncorp superannuation term life Insurance in Australia covers protection and security by offering affordable covers against unexpected death and illness. Trauma insurance protects the family against financial loss by offering a lump sum. Home and content insurance covers important items at home.
The Australian reinsurance pool cooperation (ARPC) was established in Australia to the withdrawal of terrorism insurance covers by insurance companies following terrorist attacks as a result of events of September 11, 2001 in the US. In Australia, ARPC was established under the terrorism insurance act in 2003 to offer reinsurance for terrorism risk.
The Australian General insurance industry holds in the overall Australia economy. The Australian general insurance industry contributes annual premium income in excess of $ 20 billion. The finance and insurance sector is the third largest sector in terms of contribution to Australia GDP. Australian leading profitable companies are Insurance Australia Group, AMP, AXA Asia Pacific Holdings and QBE insurance Group. There are 40 life Insurance companies and 105 General insurers and top life Insurance companies contribute 60% of the market and top General Insurance companies' shares about 75% of the total market.
