Insurance sector heats up in Australia with Kmart entering the fray

Insurance is   something that every person needs . Fear  , security  and risk  buoys the insurance industry  and yes  The insurance companies are making millions by the day ,not to say there are also losing millions by the day ( as can be witnessed by the recent perth freak storms) . But on the whole  the Insurance companies  have definitely big fat wallets and now Kmart Wants a piece of the pie.

Kmart vying for the insurance  $$

Kmart Australia yesterday  started signing up its first few customers for  insurance.  kmart  with its reach all over australia  with its many stores   is definitely well positioned to tap the vast insurance sector ( specially given that they also have  the Kmart auto chain which is Auto related , it might just make getting car  insurance much easier)

A3 LANDSCAPE ARTWORK TEMPLATE

KMART HAS 251 Auto and tyre stores in Australia

Hardly has Kmart entered the Insurance market , when there are rumors that QBE is planning to enter the Car and Home  Insurance sector. Car insurance is a big piece of the pie in the Auto insurance sector and there will be many companies local and overseas trying to get into the action. Merrill lynch reports state that the big insurers IAG and Suncorp get 25% of their profits from car insurance.

So not only Kmart and Coles are set to enter the Insurance sector but there are many other possible entrants lined up like  AUSTRALIA POST  , VIRGIN  and US based Progressive.

Suddenly  the competition is heating up in the insurance sector and  there can be only 2 outcomes from this

1,More options for us the customers

2.Cheaper insurance ( hopefully )

 

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