What kind of insurance they have in Australia covers a wide range similar to other developed countries, divided into personal insurance, general insurance and health insurance. Personal risk insurance includes life insurance which pays on death, total and permanent disability TPD which pays if permanently disabled, trauma or critical illness which pays on diagnosis of cancer, heart attack or stroke, and income protection which pays monthly if you cannot work due to illness or injury. General insurance includes car insurance which has compulsory third party CTP for personal injury and optional comprehensive, third party property and third party fire and theft for vehicle damage, home and contents insurance for fire, theft, storm and flood, renters insurance for contents, landlord insurance for rental properties, business insurance including public liability $5M to $20M, professional indemnity, and workers compensation which is mandatory if you have employees. Health insurance includes private hospital cover and extras cover for dental, optical and physio, with Medicare providing public health coverage for citizens and residents. Travel insurance covers overseas medical, cancellation and baggage. There is also specialist insurance like pet insurance, caravan and boat insurance, motorcycle insurance, bicycle insurance from Velosure, cyber insurance for businesses, and crop and farm insurance for rural areas. Compulsory insurances in Australia are CTP for cars and workers compensation for employers. Most insurances are regulated by APRA and ASIC and sold by insurers like NRMA, Allianz, QBE, Suncorp, RACV and Budget Direct.
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