Australian Private Health Insurance - Health Insurance

Australia Insurance Market Intelligence New Market Report Published OfficialWire (press release)

27.04.10

In the life insurance segment, market consolidation through mergers has given it an extremely concentrated structure, which is dominated by just four players: AMP, National Australian Bank, ING and Westpac. There were a total of 130 general insurance companies as of June 30, 2008 in Australia, with QBE as the largest general insurer. The Australian Government has come up with new laws governing foreign operators in the Australian general insurance market, which will give added protection to consumers, while serving the needs of large businesses. Insurance penetration is relatively low in Australia as compared to other developed countries, thus, the country offers tremendous growth opportunities to new entrants. Strong regulatory system, reduction of tariffs and the establishment of new insurance sales channel have further added to the awareness level of new types of insurance products, eventually supporting the overall sector growth. Factors like expanding economy, growing household disposable

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Australian Private Health Insurance - News

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