Top Insurance companies in Australia
Insurance is one of the most sought-after services in Australia. Insurers have to be competitive; they also have to provide a wide variety of insurances and a diverse portfolio. Australians are known for their adventurous nature, and insurers must follow suit. The top insurance companies in Australia offer more than just private car insurance or health insurance. Australians know that insurers also provide travel insurance and pet insurance which are great additions. So, whether you are looking for general insurance or life insurance, here are some of the top insurance companies in Australia that can accommodate all your needs:
TAL Life Limited
In 1920, TAL Life Limited was Australia's largest specialist life insurance company. Headquartered in Sydney, Australia, the Company offers a range of life insurance and risk protection products to individuals and businesses. They provide advice and products to nearly three million Australians and are backed by one of the world's largest and most stable financial services groups – Dai-ichi Life Holdings, Inc.
The Company is a direct-to-consumer brand that provides life insurance through an online application process for people who want a simple approach to life insurance.
Total assets. 1,037,041. as of September 30, 2020
Approximately 1,980 people
AIA Australia Limited
AIA Australia Limited is the largest publicly listed life insurance company in Australia and New Zealand. It is a wholly-owned subsidiary of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group. As of December 31, 2015, AIA Group had total assets of US$326 billion and over 30 million customers in 18 markets across Asia-Pacific. AIA Australia offers life, health, and living insurance products to more than 2 million Australians, including individuals and businesses. Its central parent, AIA Group, was founded in 1919 and headquartered in Hong Kong. The Company operates in 15 countries throughout Asia-Pacific and employs approximately 2,230 members across its offices.
Zurich Australia Limited
Zurich Australia Limited is a locally owned public company that derives revenue from providing insurance and wealth management products and reinsurance services. The Company employs approximately 55,000 people, operates in Australia and New Zealand, and is administered by its head office in Sydney. The Company offers general insurance products, including property, business interruption, machinery breakdown, marine cargo and transit, public liability, professional indemnity and financial institutions liability, directors' and officers', construction and engineering, contractors' all risks, workers compensation, motor vehicle fleet, and specialty risk protection plans. It also provides life insurance products. The Group operates in more than 215 countries.
MLC Limited
MLC Limited is a wealth management company in Australia. It was founded in 1879 and is based in Sydney, Australia. It also has offices in Hong Kong, China, Singapore, New Zealand, and India.
MLC Limited offers financial planning, superannuation management, and investment advice to clients across Australia.
As of December 31, 2008, MLC Limited had an aggregate of A$175bn assets under management with more than 2 million customers. The Company offers a range of investment, superannuation, and Insurance products and services to retail and institutional customers. MLC Limited advises and manages investments for individuals, families, and businesses with over $120 billion assets.
Number of employees: 5,000
Real Insurance
The Company was established in 2005 by the founders of Bingle.com.au and has since grown to a customer base of over 450,000 Australians. Real insurance offers flexible insurance options backed by their 24/7 claims service. Real insurance is a business division of The Hollard Insurance Company. Headquartered in Sydney, the Company employs 501-1000 people and has offices in Sydney, Brisbane, and Adelaide. Real insurance provides quality, affordable insurance products to more than 1 million Australians. They also offer great value on health insurance, car insurance, pet insurance, and travel insurance. Total assets under management are over NZD 500 million as of June 1, 2020.
Huddle Insurance
Huddle Insurance was founded in 2016. It is currently headquartered in Melbourne, Australia. Huddle Insurance is an insurance company located in Australia with around $28 million total assets.
The Huddle Insurance offers several insurance plans for individuals, such as home and contents insurance, car insurance, landlord insurance, travel insurance, and income protection insurance. It also provides group and health insurance options for small businesses with 19 employees (est.) (Feb 2022). For freelancers and contractors, the Company offers business insurances such as public liability, professional indemnity, and tax audit insurances.
BT Financial Group
BT Financial Group is the wealth management division of the Westpac Banking Corporation. It is one of Australia's largest retail and institutional wealth managers, with over 67.44bn USD billion in assets under management, as of June 30, 2013. BT's product range includes financial planning services, superannuation, managed investments, life insurance, investment bonds, and stockbroking; it also consists of several corporate and government superannuation funds. BT provides investment administration services to the Australian Superannuation Fund. The Company also has 73 total employees.
MetLife Insurance Limited (MetLife)
MetLife Insurance Limited (MetLife) is a life insurance company that is part of the MetLife group of companies. MetLife is an experienced insurer with 150 years of experience in the Australian market. They are committed to providing quality products and services to our customers and helping them meet their financial security needs.
MetLife offers a wide range of insurance and investment products and services, including individual life, term life, total and permanent disability, trauma/critical illness, income protection, and business expense insurance policies, as well as annuities superannuation, unit trusts, and other investment products.
Total assets 795.15 billion U.S. dollars in 2020.
Total employees:~49,000 (2019)
Virgin Money Australia
Virgin Money Australia is the Australian subsidiary of Virgin Money, a financial services brand founded in 2013 by Sir Richard Branson, the founder of the Virgin Group. Virgin Money Australia offers a range of retail banking products, including savings accounts, personal loans, home loans, credit cards, and insurance. Virgin Money's Australian business has approximately 89.1 billion British pounds in assets in 2021, employs about 8,613 (Sept 2021) people, and operates online and through a national network of 245 branches.
Woolworths Limited
Woolworths Limited is an Australian chain of supermarkets and grocery stores owned by Woolworths Group. Founded in 1924, Woolworths and Coles form a near-duopoly of Australian supermarkets, accounting for about 80% of the Australian market. The Group comprises some of the most recognizable and trusted brands in retailing, serving millions of customers every day with great choice, low prices, and excellent quality. Woolworths Group has a large footprint across the region as a leading retailer, employer, manufacturer, home improvement, and financial services provider in Australia and New Zealand.
Total Current Assets: 15,786 million as of 2021
Total employees 215,000 as at 2020
FAQs
Q. Who is the biggest insurance company in Australia?
A. Insurance Australia Group Limited (IAG) is the largest general insurance company in Australia and New Zealand. IAG owns some big brands, including NRMA Insurance, CGU, SGIO, SGIC, WFI, and Swann Insurance. These brands collectively insure more than 5 million policyholders across Australia and New Zealand.
