Insurance is mainly of several kinds which include-- Life Insurance Policy, Home Insurance, Car Insurance, Property Insurance, Accidental Insurance, Medical Insurance, Disability Income Insurance and Accidental Death and Dismemberment Insurance. These insurance policies are offered as Term Life Insurance, Whole Life Insurance and Universal Whole Life Insurance. There are certain risk factors involved while taking an insurance which are generally divided into seven broad categories which areódefinite loss, affordable premium, accidental loss, large loss, calculable loss, large number of homogenous exposure units and limited risk of catastrophic losses. The coverage policy of each of these insurance policies is different and depends on various factors. The coverage policies of each company are different and are decided by the Finance Department of each country. Insurance policies are very effective means of investment and are a useful tax-saving option. They are very helpful at the time of accidents and personal occasions like marriage, birth, death and superannuation and other events.
The Insurance Council of Australia is the main organisation which stands for the interests of the Australian insurance industry. The council was set up on 1 July, 1975 as the highest organisation which protects the insurance companies of Australia under the Insurance Act of 1973. The Council has 58 member bodies comprising of insurance companies, underwriters, agencies and middlemen in the business, of both public and private sector. The Council upholds various interests of the insurance companies and represents the insurance sector before the government and community. The Insurance Council is supervised by the Executive Director who is answerable to the Board of Directors. The prudential factors of insurance are supervised by the Australian Prudential Regulatory Authority.
Some of the famous insurance agencies of Australia which provide insurance related solutions include:
- General Reinsurance Life Australia Ltd.
- Allianz Australia Life Insurance Limited
- ING Life Limited
- Tower Australia Limited
- Munich Reinsurance Company of Australasia Limited
- MetLife Insurance Limited
- Hallmark Life Insurance Company Limited
- ACE Insurance Limited
- Australian Family Insurance Limited
- Commonwealth Insurance Limited
- Gerling Australia Insurance Company Pty Limited
- Transatlantic Reinsurance Company
- Suncorp Metway Insurance Limited
- MTA Insurance Limited
- First American Title insurance Company of Australia Pty Limited
- Australian International Insurance Limited