These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of foreign financial conglomerates.
The Australian Securities & Investments Commission recently questioned the value of some of these policies and the methods used to sell them.
[7] As a result, the largest three life insurance companies in Australia, TAL, AIA and Zurich, account for over 60% of total market share and are all overseas owned.
[8] Based on total risk premium inflows in the 12 months to 30 September 2020 [9] the largest life insurance companies in Australia are (market share shown in brackets): General insurance products sold in the Australian market can roughly be divided into two classes: Provisions applying to statutorily mandated or regulated schemes, such as CTP and workers’ compensation, may differ considerably between states.
The Australian Government provides a basic universal health cover through the Medicare scheme.
[citation needed] The Government of Australia website Smartraveller recommends "Take out comprehensive travel insurance and ensure it covers you for the places you'll visit, things you'll do and any pre-existing conditions.
"[citation needed] In addition to regulatory oversight, Australian travelers are encouraged to compare policies carefully, as coverage options vary between providers.
Factors such as age limits, pre-existing medical conditions, and exclusions for high-risk activities can significantly impact the effectiveness of a policy.
Many insurers also offer 24/7 emergency assistance, providing travelers with immediate support in case of medical emergencies, lost passports, or other urgent situations while abroad[10] Life insurers were traditionally mutual companies, but in the 1980s and 1990s many of them demutualised and, until recently, the majority were owned by banks.
Matters relating to advice or disclosure of insurance products sold are regulated by the Australian Securities & Investments Commission (ASIC).