Auto Insurance AUSTRALIA several foreign companies are circling the Australian market, but progressive recording is by far the biggest headache for the local companies.Separately, insurers mentioned climate change as the biggest dilemma facing industrie . In South Australia, Third Party Personal insurance from the Commission motor vehicle accidents Included in the license fee for persons over 16 years. A similar scheme applies in Western Victoria Australia.In, Third personal insurance against accidents transportation of the Commission is also included, through a tax, vehicle registration fee.In New South Wales , compulsory insurance (commonly known as CTP Insurance) is a mandatory requirement and each car must be insured or the vehicle will not be considered legal.Therefore, a motorist can not drive the vehicle until it is secured. The other "Green Slip" name CTP Insurance is commonly known by the color of the pages are printed the form, must be obtained by one of the seven major insurance companies in New South Wales.


Profitability collapsed last year after companies such as Suncorp Metway, and Insurance Australia Group had big gains for a series of natural disasters, including wildfires and severe storms.


At the same time, the global financial crisis caused portfolio investment income of insurers to collapse, causing a leak in the capital reserve.


The home insurance premiums under the greatest pressure increases with an expected jump of about 9 percent over the next year, according to the latest JPMorgan Deloitte insurance industry in general.


Home insurance premiums increased by 10 percent last year, insurance companies, trying to reverse years of discount.


Increase car insurance premiums are expected to match last year's increase of 5 percent.


The large number of payments in recent years, including more than $ 1 billion paid as a result of bushfires in Victoria, had to rethink the cost of insurance coverage,said JPMorgan Insurance Research Analyst Siddharth Parameswaran.


''The rate increases that have been pushed through are largely a reflection of re-estimation of how much these events cost and how frequently they are likely to occur,'' said Mr Parameswaran, one of the co-authors of the report.

Natural disaster payouts since 2007 of nearly $4.3 billion are more than twice the 20-year average.

Mr Parameswaran said the price increases marked ''a real turn'' in the insurance cycle after underwriters were locked in a discounting war for most of the past 10 years.

Elsewhere, third-party vehicle insurance compulsory in NSW is expected to grow by 10 percent, rounding second double-digit annual growth, while in Queensland, motorists are likely to be severely affected and an increase in prices up to 15 percent of this was mainly due to higher benefits. Although more expensive to drive up prices, profits are able to reduce competition in the insurance sector staff, particularly among Internet companies.

US company Progressive Direct has recently entered the Australian market, looking to snare a slice of the nation's $9 billion car insurance market with internet-only selling.

In Queensland, CTP is a mandatory part of registration for a vehicle. There is choice of insurer but price is government controlled in a tight band.

These insurance liability based on state plans generally cover liability for bodily injury. Full insurance of the vehicle is sold separately for damages and the lid can be for events such as fire, theft, collision and damage to property of others. Progressive Direct Insurance Co., [00649] believes that there is an opening in the landscape of sophisticated insurance for Australia is to explore the segment of auto insurance services online.

United Progressive Direct Progressive American Corp. [58 454], decided not to compete directly for incumbents in traditional markets, but to become more common for online businesses, says Simon Lindsay Country Manager for Progressive Direct Australia.

This market segment offers room to grow in Australia, where many consumers enjoy the online experience for personal finance, given the penetration of the country to a very high speed, Lindsay said in an interview.

In Australia, two major players - Insurance Australia Group Ltd. [86837] Suncorp Metway Insurance Ltd and [77922] - have a market share of 75% on car insurance. However, Lindsay said smaller operators may have a small but powerful market segments in the country.


Regulatory environment and market stability contributed to the election of the Progressive Direct Australia, the first in Asia and the Pacific in which to advance their online business on auto insurance, said Lindsay. The dynamics of the market is ideal to explore the international market and secure employment in the pension insurance know-how and experience in online segmentation.


Progressive Direct Australian online technology structure is built from scratch in Australia, based on skills acquired in the parent company in the United States, "said Lindsay. The model was designed to attract the growing market segment online alternative, rather than the whole mass of the segment. technology website, it is important to provide quality service and support. Lindsay said that the online functionality of the remote to attract customers who are not offered to experiment first.


A recent survey by Google has found some of those seeking online car insurance is increasing in Australia, where 68% by applying online, and for three quarters use the Internet, the initial stage of investigations. At the moment, Lindsay said that the trend is to require auto insurance quote online, rather than purchase a product online or to manage your policy. Over the next five years, Lindsay said that the tendency to purchase and maintain insurance online is becoming increasingly popular. Online claims management is still new to the market, according to Lindsay. The objective is to facilitate the effective and efficient online platform for the A to Z motor functions.


In Australia, said Lindsay traditional auto insurance companies remains strong in the market and what will not change short term. These traditional players have started their own online brand to attract new customer segments. market position Progressive Direct is "more independent" insurance online, "said Lindsay. The company recognizes a rising trend in online consumer, hence the move to explore the segment. In recent years the sector non-life insurance, Australia has seen new players such as Australia Post and Virgin Money, a subsidiary of British conglomerate Virgin and Coles supermarkets for the launch of the car, insurance Housing


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