A Cultural Analysis Of Australia's Insurance Industry

In the context of economic cultural globalisation, the financial services are becoming more and more diversified. Australia has a well developed insurance industry. It is known that it was in term of international rules and regulations and in a standard mode that the Australian insurance industry began to develop. Nowadays Australia is one of the industrial countries that have developed an advanced insurance industry. When it came to 1990s, the Australian insurance industry stepped into a steady mature stage. The laws and regulations for the Australian insurance market kept revising and the market competition was more and more heated but orderly. Meanwhile, the merge and acquisition of insurance companies started domestically. The insurance density and penetration as well as the rank of the total Australian insurance premium income in the world were going up gradually. This thesis introduces the Australian insurance industry in two parts: general insurance and life insurance In the part of life insurance, it is divided into government-supported life insurance and private health insurance. Due to the current reform of medical insurance in China, it is necessary to study the private health insurance in developed countries. Two leading insurance companies in Australia, IAG and QBE, are chosen as case study for the relationship between corporate culture and outcome. The role of culture in promoting economic development becomes increasintly obvious. It is an important way to improve the overall quality of the insurance industry via developing culture economy, improving the insurance companies and the cultural content of their products and upgrading the culture and grade level of the industrial structure. Some helpful suggestions are proposed through the introduction and cultural analysis of the Australian insurance market.