Top 8 largest insurance companies in Australia

Top 8 largest insurance companies in Australia

Top 8 largest insurance companies: One of the primary characteristics of Australia’s largest insurance companies and brokerages is their financial stability. Determine the top firms in the nation based on market capitalization.

The combined market capitalization of Australia’s eight largest insurance companies is $70.9 billion, representing 99.8 percent of the nation’s total of $71.05 billion. The sum is attributable to the thirteen insurers and brokerages trading on the Australian Securities Exchange (ASX). Among them is a New Zealand-based insurance provider.largest insurance companies in Australia

Market capitalization, also known as market cap, is a metric that investors frequently employ to determine whether a company is a risky or secure investment. Although the country’s insurance sector offers fewer options than other regions, it still presents a decent opportunity for portfolio diversification-minded investors.

If you are an investor looking to add insurance companies to your portfolio, this article will help you narrow down your options. If you are an insurance professional, you may find this article to be a beneficial source of information regarding potential employers. Here, Insurance Business assesses the ten largest ASX-listed insurers by market capitalization. Learn more about the largest insurance companies in Australia by reading on. largest insurance companies in Australia

The eight largest insurers in Australia are:

1.QBE Insurance Group Corporation

Capitalization: $21.06 billion

The business category is an insurer

Line of business: general insurance and reinsurance

Headquarters: Sydney, New South Wales

QBE operates in 37 countries as a global insurer and reinsurer. It offers a variety of personal, commercial, and specialty insurance products, as well as risk management solutions, and has a global workforce of 14,500. QBE operates the following five regional divisions:largest insurance companies in Australia

  • The continent of North America
  • South America
  • Western Europe
  • Asia and the Pacific
  • Australasia and Oceania

QBE is the third-largest general insurer in Australia, accounting for more than ten percent of the market. The organisation focuses on three business segments. These include: largest insurance companies in Australia

Includes boat, caravan and motorbike coverage, as well as compulsory third-party (CTP) insurance.

Included in home insurance are contents, landowner, and building warranty coverage.

Insurance for small businesses, including accident and health, commercial auto, farm, general liability, professional liability, and workers’ compensation.

In addition, QBE Australia has specialised teams to assist clients in locating coverage that meets their specific requirements. These consist of:

Surety and credit: Surety bonds protect enterprises from bad debt and provide financial security.

Elders insurance is a joint venture between QBE and Elders Rural Services Australia. It is one of the largest regional insurance companies in the country.

Lenders’ mortgage insurance, also known as LMI, enables aspiring homeowners with insufficient funds for a down payment to purchase a property sooner.

QBE’s global scope includes policyholders in nearly 140 countries.

  • The Suncorp Group
  • Capitalization: $15,03 billion
  • The business category is an insurer
  • Line of business: general insurance
  • The headquarters is located in Brisbane, Queensland.

2. Suncrop Group Limited

Suncorp is one of Australia’s most recognisable financial brands. In addition to personal and commercial insurance, the company offers a variety of financial services and products as one of the country’s mid-sized institutions. These consist of:

  • monetary planning
  • Home and individual financing
  • SMSFs are self-managed super funds.
  • stock trade
  • Retirement savings accounts

More than a quarter of Australia’s general insurance market is held by Suncorp, making it the second-largest insurer in the country, trailing only industry titan IAG. It provides insurance policies through its various brands, which include:

AAMI provides residence, contents, landlord, and strata insurance in addition to auto and vehicle protection. Also available are business, health, life, and income protection insurance policies. largest insurance companies in Australia

Apia is a specialised insurer for individuals over the age of 50 that offers auto, property, health, travel, funerary, and injury support coverage.

Bingle offers basic auto insurance at affordable rates. Check out our guide to affordable car insurance for additional tips on how to save money on car insurance.

CIL Insurance: Provides a variety of caravan and RV insurance policies that cover everything from horse floats and small houses to slide-outs and trailers.

Essentials by AAI offers a variety of coverages to Australians who may not be able to afford conventional insurance. largest insurance companies in Australia

GIO is a brand that offers car, home, life, business, and travel insurance to clients outside of Queensland.

Shannons specialises in auto and motorcycle insurance, but also provides home and CTP coverage. Additionally, Shannons conducts regular auctions for collectible motorcycles, automobiles, and racing memorabilia.

Terri Scheer, a specialist in landlord insurance, provides coverage for tenant-related hazards and unforeseen events that result in property damage. largest insurance companies in Australia

Vero provides coverage for SMBs and larger companies, including tax audit, workers’ compensation, professional and financial risks, non-profit, surety bonds, business vehicle, marine cargo, and commercial hull insurance. Additionally, the brand offers auto and home insurance.

When it comes to auto insurance, a number of Suncorp’s brands are renowned for their superior customer service.

Find out which of these brands made our most recent list of the most customer-satisfied auto insurers.

3.IAG Limited (Insurance Australia Group)

Capitalization: $11 billion

The business category is an insurer

Line of business: general insurance and reinsurance

Headquarters: Sydney, New South Wales

IAG is the largest general insurer in Australia, controlling roughly one-third of the market, making it one of the largest insurance corporations in Australia based on market capitalization. IAG is the parent company of some of the nation’s most recognisable insurance brands. Together, these companies annually underwrite approximately $13 billion in premiums. The following summary details the various IAG-affiliated brands.

IAG announced in June 2022 that SGIO and SGIC will cease selling new policies in December 2022 and begin transitioning new and existing personal insurance policyholders to the NRMA Insurance brand. However, the insurance titan will continue to provide business insurance under the SGIO and SGIC trademarks.

4.Medibank Corporation

Capitalization: $8.95 billion

The business category is an insurer

Private health insurance as an industry segment

Melbourne, Victoria (Australia)

Medibank is one of the best private health insurers in Australia based on consumer satisfaction and the market share leader, controlling more than a quarter of the market. In addition to health insurance, the insurer also provides life, pet, and travel insurance. In addition, it offers its 3.9 million consumers a range of healthcare and wellness services.

The insurer has become an attractive target for cybercriminals due to its size and the sensitivity of the information it handles. Recently, Medibank was the victim of a ransomware attack that compromised its clients’ personal information. This prompted CEO David Koczkar to apologise “unreservedly” and vow transparency.

  • Limited by Shares of the Steadfast Group
  • Capitalization: $5.93 billion
  • Insurance wholesaler network type of organisation
  • Line of business: general insurance
  • Headquarters: Sydney, New South Wales

5.  Steadfast Group Limited

Steadfast is the largest insurance broker network in Australia and New Zealand, uniting 417 general insurance brokerages under a recognisable brand name. The Steadfast network provides access to over 160 commercial and personal insurance products to its network of brokers.

The commercial insurance offerings of Steadfast include:

  • Aviation coverage
  • Commercial interruption insurance
  • Commercial insurance policies
  • Construction contract insurance
  • Business travel insurance
  • cyber coverage
  • event coverage
  • Agricultural insurance
  • maritime coverage
  • Management liability protection
  • Product liability protection
  • professional liability coverage
  • general liability coverage
  • commercial credit insurance
  • Workers’ compensation protection
  • Its personal lines industry consists of the following:
  • Contents and dwelling insurance
  • homeowner insurance
  • life coverage
  • vehicle insurance
  • strata coverage

More than $11.5 billion in aggregate written premiums have been written by steadfast partners for the nation’s SME insurance market.

6.Curtail nib holdings

Capitalization: $3.38 billion

The business category is an insurer

Private health insurance as an industry segment

Headquarters: Newcastle, New South Wales

nib is a global private health insurance provider that serves over 1.5 million policyholders in Australia and New Zealand, as well as over 190,000 international students and foreign labourers. Additionally, the company is one of the leading travel insurers in Australia and distributes travel policies globally under the nib Travel brand.

In an interview with Insurance Business, chief executive Mark Fitzgibbon announced “another impressive” set of half-year results, which he described as demonstrating “a symmetry returning to the businesses and profitability, after a period of COVID-led disruption.”

7.AUB Group Corporation

Capitalization: $2.54 billion

Insurance wholesaler network type of organisation

Line of business: general insurance

Headquarters: Sydney, New South Wales

AUB Group is a network of insurance underwriters, underwriting agencies, and risk management service providers that serve over 900,000 customers in Australia and New Zealand. It has written over $4.4 billion in gross written premiums for domestic and international policyholders, positioning it among Australia’s largest insurance companies.

  • Australian brokerages provide insurance brokerage and risk advisory services to SME consumers and operate throughout the nation.
  • Offer complementary services, such as loss adjustment, claims administration and investigation, and legal support, to insurance brokerage and insurance agency partners.
  • Partner brokers will receive products, services, and business support from Austbrokers’ member services.
  • On behalf of licenced insurers, underwriting agencies design, manage, and distribute insurance products and portfolios.
  • New Zealand: Operates as NZbrokers, the country’s largest broker management group.
  • BizCover is a digital insurance platform with multichannel presence and extensive product offerings for SMBs.

The Insurance Alliance (TIA) is a non-equity model designed by independent brokers to capitalise on AUB’s capabilities and offerings.
Also Read:
Australia’s best home insurance providers for customer satisfaction 2024
Australia’s best home insurance in 2024

8.PSC Insurance Group Corporation

Capitalization: $1.73 billion

Group of insurance service providers

Line of business: general insurance

Headquarters: Sydney, New South Wales

  • PSC is a multinational insurance services corporation with operations in Australia, New Zealand, the United Kingdom, and Hong Kong. It consists of over 40 commercial enterprises. PSC’s principal operations include:
  • PSC Insurance Brokers provides nationwide commercial insurance brokerage services. The division operates 16 offices nationwide and serves over 80,000 consumers.
  • PSC Network Insurance Partners is a network of over 200 authorised representatives serving over one hundred thousand consumers in Australia and New Zealand.
  • Life insurance brokerage and workers’ compensation consulting: Offering complete services to Australian clients.
  • PSC also operates the following speciality businesses:
  • Provides underwriting services for the construction and plant and equipment industries.
  • Breeze Underwriting offers underwriting services for the hospitality, lodging, equipment rental, and professional risks industries.
  • Medisure Indemnity: Provides clients in the medical and healthcare industries with underwriting services.
  • Multiple brands of online travel insurance, including Insure4Less and Travel Insuranz.

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