Top Insurance Companies in Australia

The insurance industry in Australia is a significant contributor to the country's economy, contributing around 2.4% of the country's GDP and employing over 100,000 people. The industry provides financial protection to individuals and businesses against potential risks and uncertainties. In this article, we will explore the key statistics, factors contributing to its growth and success, each industry's growth and comparison to previous years, key trends including technological disruptions, challenges, and future outlook.

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CompanyHeadcountContactDescriptionDecision Maker
AUSTRALIANSUPER1,591 +61 1300 300 273
smcmahon@australiansuper.com

AustralianSuper is for everyday Australians and businesses; we help invest members’ money to create the best possible retirement outcomes for members. More than 3 million members and 440,000 businesses trust us to invest more than AU$270 billion on their behalf. One in 8 working Australians are a member of AustralianSuper, the nation’s largest superannuation fund. Our size has given us the ability to leverage significant investment opportunities for long term performance and low fees that are passed on to our members. With services and advice that simplify super for business including a free clearing house, secure online transactions, dedicated relationship managers, education and help. It’s easy to see why we’ve been a top performing fund. ----------------------------------------------------------------------------------------- AustralianSuper is not responsible for other users comments. We reserve the right to delete any comments that are not in line with our community standar…

FINDEX2,055 +61 1300 363 992
risk.enquiries@findex.com.au

Welcome to Findex, a leading provider of integrated financial advisory and accounting services in Australasia. Our mission is simple, to help our clients and the people we work with thrive. We do this by providing unrivalled advice and personalised solutions, building strong community relationships, and working with leading-edge technologies. At Findex, we embody a culture of boldness, curiosity, and meaningful change. Challenging the status quo, we push boundaries and embrace innovation without hesitation. With collaboration at our core, we deliver exceptional outcomes utilising our diverse perspectives and collective expertise. We prioritise our clients, placing them at the heart of our business providing comprehensive, holistic advice and effective financial solutions. With a commitment to keeping our promises, we deliver quality work and strive for excellence in all we do. We are building a workplace for the future, unrestrained by geography and hierarchy. A workplace that va…

MORTGAGE CHOICE1,523 +61 137762
homeloans@mortgagechoice.com.au

Mortgage Choice was established in 1992 with the vision of building a national network of ethical, credible and professional mortgage brokers within local communities. Thirty years later, and under our ownership at REA Group, we continue to be a nationally recognised and trusted brand. In 2023 we were ranked #1 Australian brokerage by The Adviser Magazine. We’re passionate about helping people afford the things that are important to them, whether that’s buying a home, buying a new car or starting a business. Mortgage Choice is a wholly-owned subsidiary of REA Group and is a member of the Mortgage & Finance Association of Australia (MFAA). Mortgage Choice holds an Australian Credit Licence: no. 382869. FinChoice Pty Limited holds an Australian Financial Services Licence: no. 422854. Both licences are issued by ASIC. For more information visit https://www.mortgagechoice.com.au or call customer service on 13 77 62

PICKLES AUCTIONS555 +61 2 9704 6666
info@pickles.com.au

Pickles is Australia’s leading Auctioneer and Valuer, delivering exceptional service to our vendors and customers daily, while recognising our employees as our most precious asset. For over 50 years, Pickles and our people have forged a national reputation for integrity and high standards of business conduct. We have grown tremendously to become our nation’s largest privately owned and operated auction group. Established in 1964, we now span over 27 branches nationwide, including every capital city and employ over 1000 staff. The Pickles commitment is to maximise returns on assets put to sale, delivering excellence through our people, infrastructure and technology. Our services include valuations and asset appraisal, traditional and online auctions, onsite auctions, fixed price sales and tenders. We specialise in the auctioneering and sale of vehicles, trucks and earthmoving equipment, salvage vehicles, light industrial, mining, oil and gas, and recreational items. Last year Pickl…

RAA970 +61 131111
finance@raa.com.au

We’ve come a long way since being founded by a small group of motoring pioneers in 1903. Today, more than 790,000+ members across the state choose us to deliver them peace of mind, through our trusted range of motor, home and travel products and services. We understand what South Australians need to keep moving. From road service to car insurance and everything in between, our members count on us to get them back on the road sooner and without hassle. We’re with them off the road too – protecting the people and possessions that matter most through home insurance, trusted tradie services and more. And when it’s time to head off on holiday – local or overseas – we’re around to make every trip unforgettable and worry-free.

HOLLARD INSURANCE AUSTRALIA686 +61 1800 931 678
resolution@hollard.com.au

Established in 1999, The Hollard Insurance Company Pty Ltd (Hollard) and its related entities are part of the Hollard International Group of companies, operating in Australia and New Zealand. We underwrite a broad range of general insurance products, including motor, home, contents, business, bicycle, and pet; both directly and through partnerships. As a top 5 insurer in Australia, we are also an independent and privately owned company. Hollard works in proud partnership with a range of leading direct insurance brands as well as broker businesses to bring to market an innovative range of insurance products to serve a wide range of customer needs. At Hollard, we pride ourselves on the calibre and capability of our people, on being a positive business with an unrelenting focus on diversity and inclusion, and on building collaborative partnerships. We use our expertise, integrity and humanity to go further, together.

AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY695 +61 1300 565 562
privacy@afca.org.au

The Australian Financial Complaints Authority (AFCA) is the one-stop-shop for consumers and small businesses with a complaint about banking, credit, insurance, superannuation, investments and advice. We provide fair, independent and effective solutions for financial disputes. Established in 2018, AFCA is Australia’s only ombudsman service for the financial services sector. We work with consumers, small businesses, industry, regulators and Government, to raise standards and reduce financial disputes through innovative solutions, education and communication. We deliver to the Australian community services that are easy to use, free for complainants, efficient, timely and impartial. AFCA’s diverse workforce is made up of more than 800 team members from across Victoria and New South Wales, with expertise in dispute resolution, finance, insurance and superannuation. Our people are driven by our values to be fair and independent, transparent and accountable, honest and respectful and pro…

RAC WA1,240 +61 131703
finance@rac.com.au

At RAC we offer career opportunities that will allow you to give back and make a difference to our members and the WA community. We pride ourselves on employing the highest calibre of people to meet our member’s needs. RAC promotes healthy living and aims to protect health and safety of employees, members and visitors. RAC has been a part of the West Australian community since 1905. We are unique organisation, built by members for members. From our origins as a motoring club, we have grown to a diverse organisation of over 1,400 employees serving more than 1 million members with a range of products and services. RAC’s difference is that we are a membership organisation, which means we dont have shareholders and we reinvest our profits for the better of our members and the WA community. House rules: We really enjoy receiving your feedback, comments and experiences and enjoy getting the most out of our LinkedIn community. With this in mind, we ask that you stick to the following guidel…

NTI410 +61 421 165 583
sustainability@nti.com.au

The nti Difference: We employ and welcome people from a very diverse range of cultures, religions and ages, especially those who develop effective, positive and collaborative relationships. We have been an employer since 1971 and operate across Australia. Whether you are a specialist wanting to enhance your expertise, an inexperienced trainee or a student looking for casual work – we may just have an opportunity for you. Job Fulfilment: Our teams generally enjoy high quality work, where the nature of their day-to-day activities energises them. We offer clear work roles and responsibilities, with flexibility within those roles – empowering employees to go the ‘extra mile’. Benefits and Rewards: We understand everyone is motivated by different things - that’s why we provide a range of benefits to suit each individual need. Our goal is to help you prosper – both personally and professionally. We believe you should be fairly rewarded for your contribution to nti’s success and therefore…

GREATER BANK600 +61 131386
foundation@greater.com.au

Greater Bank is no ordinary bank — we’re owned by our customers and we put them at the heart of everything we do. With no shareholders we focus on providing better value products and services as well as investing in the growth and development of communities we call home. Greater Bank has a heritage of serving communities in NSW and South East QLD, with our head office in the Hunter region. We are proudly a part of NGM Group Australia, a regional financial powerhouse and one of Australia’s largest customer owned banks. When you join us, you’ll certainly be in good company.

MOORE AUSTRALIA461 +61 1300 137 322
privacyofficer@moore-australia.com.au

Moore Australia is a network of five independent accounting, audit and advisory firms with 14 offices and 500+ staff across Australia. At Moore, our purpose is to help people thrive – our clients, our people and the communities they live and work in. Moore Australia is also an independent member of the Moore Global network. A global accounting and advisory family of over 30,000 people across more than 260 independent firms and 110 countries, connecting and collaborating to take care of your needs – local, national and international. We have grown considerably in partnership with Moore Global’s network of independent companies so we can help small businesses and multi-national enterprises. When it comes to risk management, strategic planning for growth, business structuring and accountancy, Moore Australia is a leader in providing consultancy services and offers a cost-effective investment for your peace of mind. We aim to improve operational efficiency and compliance with regu…

HERRON TODD WHITE698 +61 1300 880 489
nationaloffice@htw.com.au

Herron Todd White is 100% Australian owned with over 64 offices in capital cities and regional areas, employs over 750 staff and services 96% of Australias population. Our qualified people are experts in all aspects of the property market, from individual residences and major development projects, to rural properties and corporate and government portfolios, enabling our customers to benefit from our broad experience. When you request our expertise, you can expect trusted and independent valuation and advisory solutions, as we are not involved in selling, leasing or managing property. We believe independence and a relentless focus on the highest standards of professionalism underpins our success and the future growth of our business. Herron Todd White was established over 50 years ago, and has today grown into one of the country’s largest independent property advisory and valuation firms.

PETBARN617 +61 1300 655 896
info@petbarn.com.au

Petbarn is part of Greencross Limited, Australasia’s largest integrated consumer facing pet care company. At Petbarn, we believe that life is better with pets. We understand the feeling you get when your dog greets you at the door or the warmth of your cat curled up on your lap. At Petbarn we know the unconditional love that pets bring to our everyday lives. So, we’ve dedicated ourselves to serving pet passionate people and their pets. For us, it’s more about the joy of watching your fish, than it is cleaning the tank! In our eyes, the world is a better place with animals and we take the welfare of all animals very seriously. At Petbarn, we pride ourselves on the commitment we’ve made to pets by actively supporting pet adoptions through various charitable shelters and organisations. Our team members, whether located within our stores, grooming salons, or the Support Office, are pet passionate, caring, and knowledgeable. We genuinely strive to provide our customers with the best pro…

MORGANS FINANCIAL LIMITED812 +61 1800 777 946
complianceanalystteam@morgans.com.au

Stockbroking | Wealth Management | Corporate Advice Morgans is Australias largest national full-service retail stockbroking and wealth management network with over 240,000 client accounts, 500 authorised representatives and 950 employees operating from offices in all states and territories. The services offered by the group are extensive and include the following: - Full service stockbroking including exchange traded options and warrants. - Investment portfolio reviews. - Margin lending facilities. - Nominee, custodial and administration management through our Managed Portfolio Service (wealth+). - Equity raisings such as Initial Public Offers, sub- underwriting and sophisticated investor offers. - Financial planning services comprising personal financial planning, retirement and superannuation planning, estate planning, and personal and life insurance. - SMSF administration. - A full range of fixed interest and income focused investment opportunities. --- We welcome feedback and c…

LIFESTYLE SOLUTIONS (AUST) LTD.522 +61 1800 634 748
enquiry@lifestylesolutions.org.au

Lifestyle Solutions is a national provider of services to people with disability, young people and children in out-of-home care, their families and communities. Our workforce is committed to providing service that is reliable, responsive, flexible, friendly, empathetic and caring. Our customers receive services designed to meet their everyday needs and support them to achieve their goals. This could be as simple as having somewhere comfortable and safe to live, the company of friends and family, health care, education, employment, having personal goals and achieving them, making a shopping trip to the local supermarket, dignity, respect and just being happy. We believe everyone is equal. We stand for everyone in society having equal opportunity and equal respect. We do this by providing our customers, their families and communities with access to quality services and dedicated people who make a real difference in their lives. We believe this is everyone’s fundamental right. N…

BANK AUSTRALIA448 +61 132888
branchfeedback@bankaust.com.au

As a customer owned, B Corp certified bank, were doing banking differently. We empower our staff and customers to be part of the clean money movement. We achieve this by staying true to our purpose and values through our strategy, operations, products and services, and advocating to bring others on the journey. This means every role and person in our bank is essential to bringing our values, purpose and aspiration to life. As a customer owned bank, we reinvest our profits to continually serve our customers through competitive rates and fees, responsible banking, and supporting positive impact. Our Contact Centre, lending operations and processing are based in the Latrobe Valley and Bendigo while our head office is in Kew, Melbourne. We also have branches in Melbourne and regional Victoria, Brisbane, Adelaide, Canberra and Sydney.

BIZCOVER184 +61 1300 920 867
support@bizcover.com.au

BizCover is an online insurance service that simplifies comparing and buying business insurance cover, so small businesses can benefit from transparent pricing, a fast hassle-free experience, and the right cover. It enables you to compare free quotes from up to 8 of Australias leading insurers instantly. *PLEASE NOTE: The information contained on this page is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. By using our social media, you consent to BizCover collecting, storing and using your personal information in line with our Privacy Policy and the Privacy Collection Notice in our Terms & Conditions. For more information visit please visit bizcover.com.au

BANK OF MELBOURNE709 +61 132266
hoax@bankofmelbourne.com.au

At Bank of Melbourne, we understand that everyone has the will. The will to be happy, to be there for the ones they love, to try something new. The will to get a place of their own or be their own boss. Sometimes what’s missing is the way. That’s where we come in. A city and state as progressive as ours deserves a bank that shares the same values. As your local bank, our team will work with you to find the way forward. We want to see your ambition – modest, medium or sky–high - become a reality. We do this through our dedication to customer service, by being small enough to get to know you so we can plan together, with our network of branches and our handy mobile banking app. We support our city’s progress through partnerships with iconic sporting venues like the MCG, and celebrate our food culture with events like Melbourne Food and Wine Festival. We’re investing in the arts with Collingwood Arts Precinct, where we’re helping create a new cultural destination for the city’s northe…

CBUS SUPER FUND669 +61 1300 361 784
employerrelationships@cbussuper.com.au

With a proud history as one of Australias first industry super funds, Cbus was formed in 1984 for all people in the construction & building industry. Cbus provides superannuation and income stream accounts to more than 850,000 members, with over $73.5 billion in funds under management as at 30 April 2022, with a focus on delivering outstanding outcomes for our members and employers. Follow this page for job opportunities, Fund updates, and insights into the achievements of Team Cbus!

LANDER & ROGERS626 +61 2 8020 7700
law@landers.com.au

Lander & Rogers is a leading independent Australian law firm, comprising over 600 people including 86 partners. We have grown organically, resulting in a highly cohesive firm sharing a strong work and client service ethic, as well as high staff and partner retention rates. We believe that legal services involve more than just the law – practical, commercial advice and exceptional client experience are equally important to our clients and to us. Our firm is global in approach but we remain fiercely independent and truly Australian. We work closely with international firms that do not have an Australian presence, and we are the exclusive Australian member of the largest global network of independent law firms, TerraLex. Consistent with our values and culture, we are strongly committed to pro bono & community work and supporting our environment. We also established Australias first LawTech Hubs in Melbourne and Sydney. Our key sectors are Government, Insurance & Financial Services…

Top Insurance Companies in Australia

Factors Contributing to the Growth and Success of the Insurance Industry

Several factors contribute to the growth and success of the insurance industry in Australia. One of the most significant factors is the country's growing population and economy. As the population and economy continue to grow, the demand for insurance products and services increases, creating opportunities for the industry to expand and diversify.

Another factor contributing to the growth of the insurance industry is the increasing awareness among individuals and businesses of the importance of financial protection against potential risks and uncertainties. This has led to increased demand for insurance products and services, particularly in areas such as health and life insurance.

Growth and Comparison of Each Industry in the Insurance Sector

The insurance industry in Australia comprises several sub-sectors, including general insurance, life insurance, and health insurance. In recent years, the life insurance and health insurance sub-sectors have seen the most significant growth.

In 2022, the insurance industry in Australia saw moderate growth, driven by increasing demand for life and health insurance products and services. The general insurance sub-sector also saw growth due to an increasing number of individuals and businesses seeking financial protection against potential risks and uncertainties.

Key Trends, including Technological Disruptions

The insurance industry is continuously evolving, and several technological disruptions are changing the way businesses operate and serve their customers. One of the most significant technological disruptions is the increasing adoption of advanced technologies, such as artificial intelligence, big data analytics, and blockchain.

These technologies are enabling insurance businesses to enhance their operations, improve efficiency and quality, and reduce costs. For example, many insurance businesses in Australia are now using artificial intelligence and big data analytics to streamline underwriting processes, improve risk assessment, and enhance customer experience.

Another key trend in the insurance industry is the increasing focus on sustainability and environmental responsibility. Many insurance businesses in Australia are now prioritizing sustainability and environmental responsibility, developing innovative products and services that support sustainable practices and reduce carbon emissions.

Challenges Facing the Insurance Industry

Despite the growth and success of the insurance industry in Australia, it is facing several challenges. One of the most significant challenges is the increasing regulatory pressures. The Australian government has tightened regulations in response to growing concerns over consumer protection, product transparency, and financial stability. These regulations have increased compliance costs for insurance businesses, reducing their profitability and competitiveness.

Another challenge facing the industry is the increasing competition from other insurance businesses, particularly in the Asia-Pacific region. These businesses have lower operating costs and more significant economies of scale, making it difficult for Australian insurance businesses to remain competitive.

Future Outlook for the Insurance Industry

The outlook for the insurance industry in Australia is positive. While there are challenges facing the industry, there are also opportunities for growth and development. The industry is expected to continue to evolve and adapt to changing consumer preferences, technological disruptions, and regulatory pressures.

To sustain growth in the long term, insurance businesses in Australia must focus on innovation, entrepreneurship, and adaptability. They must invest in advanced technologies to enhance their operations, improve efficiency and quality, and reduce costs. They must also prioritize sustainability and environmental responsibility to remain competitive in the global market, responding to the growing demand for sustainable and environmentally responsible products and services.

In addition, insurance businesses in Australia must focus on developing innovative products and services that meet the changing needs and preferences of consumers. This includes developing products and services that support sustainable practices, provide greater transparency and accessibility, and enhance customer experience.

Conclusion

The insurance industry in Australia is a vital sector of the economy, providing essential financial protection to individuals and businesses against potential risks and uncertainties. The industry's growth and success can be attributed to several factors, including the country's growing population and economy, increasing awareness of the importance of financial protection, and the adoption of advanced technologies.

However, the industry is also facing challenges, including increasing regulatory pressures and competition from other insurance businesses. To sustain growth and remain competitive in the global market, insurance businesses in Australia must focus on innovation, entrepreneurship, and adaptability. They must invest in advanced technologies, prioritize sustainability and environmental responsibility, and develop innovative products and services that meet the changing needs and preferences of consumers. By doing so, they can continue to drive economic growth and development in the country, contributing to the well-being and prosperity of its people.

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By Melissa Goh
Published on 10 May 2023