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Insurance in Australia

In Australia the main subject of insurance are risks single which arise seldom, but bring great damage. It is the Australian continental feature.

Single risks in Australia are opposed mass on which obligations are limited. The system of a mutual insurance is widespread. The separate category is made by continental risks of Australia, on them sublimits for own holding of the insurer are set. As the Australian insurance observers, large risks report, and also such which are connected to natural disasters and special risks represent three categories to which specific approach is set. It is easy to recognize single risks as they are small and individualized. For example, in the transport sphere (risk of loss of a vessel, the airplane) cost can be 1 billion Australian dollars, and the damage for example in case of accident on a platform of drilling can be more than 10 billion dollars.

To similarly large industrial risks insure risks in the sphere of construction, agriculture, real estate, the banking sphere or tourism of Australia. Progress of industrial and technological character generates more and more risks in this country (risks concerning environmental pollution, including atomic, space risks and others). The Australian insurance companies began processes of associations and the merges which purpose consisted in increase in capacities to cover potential risks. One method of the solution of this task is the pool including simultaneous insurance in several insurance companies. In Australia such system is applied in sea, space, air insurance. This pool was transformed to structure under the name Combining on economic interests of Australia (OEIA). Each insurer (overcautious person) contributes any part of means which defines itself, but so to the general fund that the total amount of obligations can guarantee compensating of possible damage in case of risk origin. The second widespread method in Australia this reinsurance. It allows to create very large and mobile resources to guarantee a covering of possible damages.

To some new types of insurance which were implemented in Australia, insurance in the sphere of telecommunications, and also information technologies belongs also. Expected data testify that insurance shall grow in this sphere on the average for 25-30% a year thanks to its prospects. Such look is implemented and in other countries of this region. In Australia prices of medical attendance very high. The cost of stay of one day in hospital (not including treatment) makes more than one thousand dollars, the cost of kinds makes twelve thousand. Naturally, in case of such prices it is best of all to insure itself. The majority of Australians pays the medical attendance at the expense of different types of an insurance. All insurance medical agreements are, as a rule, concluded for one year. Some citizens have opportunity to be insured in the private company, such for example as Blue Cross and Blue Shield. Here cost insurance is lower, than in business insurance companies.

The market of private pension insurance In Australia is very developed. It is combined with insurance on a case of disability or on a case of death of the insured. It appears as the instrument of solidifying of the financial position of the insured persons. When there comes the moment for payment, the person which has insured, can use these means as the pension fund. In case of desire, it is possible to do also contributions to fund of additional pension insurance. The tax on these means makes 15%. Thus the firm saves on contributions to social insurance fund.

Category: Insurance history in the different countries of the world | Added by: Chance23 (26.04.2014)
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