Life as well as property insurance have become few of the essential requirements of every citizen today. Accidents may happen anytime, and it is better to be safe than sorry. While the loss of a life can never be compensated no matter what kind of an insurance policy you have, but then, it is better to to live a life of dignity after the sorry departure of our beloved ones rather than asking for loans and living under a debt. Isn’t it? And any sort of compensation for the loss of property must wholeheartedly welcomed. To get your life and property insured, you must have a know-how about some of the best insurance companies that are there in the market. Hence, here is a list of the top 5 Australian insurance companies–
1. TAL Ltd.
TAL, previously known as Tower Australia has its roots from New Zealand, where it originated in 1869. The company entered Australia in 1990 and made its mark on the Australian Stock Exchange in 1996. It merged with Prefsure in 2007, and in 2008 the company purchased InsuranceLine- a direct distributor of insurance. In 2011, it changed its name to TAL, and in 2013, the company took its shareholding in insurance comparison business Lifebroker to 100%. TAL currently insures over 2.5 million Australians. The company has received various awards and accolades for its outstanding efforts. It received the 2013 Best Overall Value award, 2013 Best Team Life Insurance award and 2013 Best Income Protection award from Canstar. TAL has also received the 2013 Best Insurance Company of the year award from CoreData. The premiums in force currently amount to $2151.9M.
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The policy issuers for this company are AMP Life and National Mutual Life Association of Australia Ltd. Owned by AMP limited, AMP life was founded in 1849 as a mutual company and it finally appeared on the Australian Stock Exchange in 1998. In March 2011, the company merged with AXA , and this combined entity is now the largest life insurance insurer in Australia. On 12th November 2012, AXA Elevate range of insurance products were rebranded as AMP elevate. The premiums in force have a net worth of $1822.0M.
3. MLC Ltd.
The National Insurance Bank, one of Australia’s largest banks owns MLC Ltd and it has over 120 years of experience in the insurance sector. With a whooping customer base of 1.5 million, MLC provides superannuation and investment solutions. The National Bank of Australia, in October 2009, purchased Aviva Australia, previously known as Norwich Union Life and all of its products have been rebranded as MLC products. The company was the 2013 Bronze Winner in the category ‘Risk Company of the Year’ given by Money Management/Dexx&r. The premiums in force amount to $1672.6M.
The Colonial Mutual Life Insurance society, which is now known as Comminsure, was established in 1873. Colonial was acquired by the Commonwealth Bank in 2000, before it acquired Prudential in 1997. By 2002, it had started working under the Comminsure brand name. The company with bestowed with the 2013 Life Insurance Company of the Year award by Plan for Life and AFA. The premiums in force amount to $1674.3M.
5. AIA Australia Ltd.
Previously, AIA Australia Ltd. was known as AIG Life, when it was a part of the US company AIG. In 2009, it changed its name to AIA Australia to indicate its separation from the AIG group and its unification with the Asian company AIA. The company was listed on the Hong Kong Stock Exchange in October 2010 and has over 20 million customers in addition to 20,000 staff members who work for it in the Aisa-Pacific region. AIA has been working in Australia since 1970. It received the 2013 Best Term Life Insurance award, 2013 Best Trauma Insurance award by Censtar and 2013 Life Insurance Company of the Year award from Australia and New Zealand Institute of Insurance and Finance. The premiums in force have a net worth of $1554.3M.