Australia's Top Insurance Companies 2013
The land Down Under has a number of options when it comes to insurance providers and some of those providers are simply outperforming others. And, considering the first Australian life insurance policies began selling in the 1830s, Aussie insurers really know the insurance business. In fact, many of the top companies in Australia’s insurance market have been in business for upwards of a century.
So, how does the Australian insurance market function as a whole and which insurance providers are winning the market over?
The Aussie Insurance Landscape
Insurance companies in Australia generally offer coverage and policies in three different areas: general insurance, life insurance, and health insurance. Not many companies tend to specialize in any one area of expertise, but the majority of insurers lean toward the life insurance market.
Likewise, something unique to the Aussie insurance market is what’s called Total and Permanent Disability insurance. The way this type of insurance works is, in the event of a disability claim, the insurance provider is responsible for paying out the entire insured amount in one lump sum as opposed to installments.
In addition, a major challenge that Australian insurance providers face is the fact that the country’s government guarantees universal health care, or Medicare, to all its citizens.What this means for private insurers is a lack in customers requiring basic healthcare, which is one of the major insurance categories.
As with any insurance market in the world, there are top providers that seem to outshine the competition. Such is the case with the Australian insurance market.When taking into consideration the leaders in the Aussie insurance race, it’s important to keep in mind that, because of the government’s universal healthcare, the following companies are largely providers of life and general insurance:
With its main focus in property, marine, and motor vehicle insurance, QBE is one of Australia’s largest, most diversified general insurance providers. The company was founded in 1888 and has grown to provide insurance to 52 countries around the world. QBE is Australia’s most recognized insurance provider.
Due to a recent merger with another leading insurance provider, AXA, the insurance company now known as AMP Life is the largest life insurance provider in Australia.
Not only that, it’s also the oldest insurance provider in the country with roots going back as far as 1849. And, with Australia-wide premiums equaling over $1.5 billion annually, it’s also one of the most successful providers down under.
Another Australian life insurance provider with annual premiums over $1 billion is AIA. And, although the company has only been around since the 1970s, it’s grown to become one of the most prestigious providers in the country. In fact, AIA has received multiple Canstar Awards, which ranks the leading Australian insurance providers in terms of sales, service, diversification, and business excellence.So, from general to life insurance, it’s clear that the Australian insurance market has some top performing providers.
About the Author
Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including business, information on life insurance with no medical exam, and personal health.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.