The purpose of this paper is to discuss some of the factors that influence how insurers provide general and life insurance to consumers to assist consumers manage risk. It also discusses the size and composition of the general and life insurance industries, and the main industry participants. How the industry says customers will be treated if they make a claim is also considered.

This paper shows that:

• The general insurance industry earned $23.1 billion from consumer-oriented insurance products in 2017.
• In 2017, the life insurance industry earned $18.1 billion in premiums from life insurance policy holders in 2017.
• Both the general insurance and life insurance industries are dominated by a few large insurers.
• When taking out general insurance, consumers may interact with an insurance broker or an insurance agent, as well as the insurer.
• Many consumers of life insurance obtain that product in a group policy that is organised as part of their superannuation arrangements.
• Both the general and life insurance industries have adopted codes of conduct that provide for claims management processes. A further code applies to insurance provided as part of superannuation.