Adaptation and Change In The Australian Life Insurance Industry: A Historical Perspective
AbstractIn the wake of the deregulation of the financial sector in Australia in the 1980s and 1990s the life insurance industry has undergone a period of rapid change and reorganisation. Part of this adjustment has been the move towards the integration of financial service provision and the rise of bancassurance. This paper investigates the strategies adopted by Australian life insurers as they moved into the increasingly competitive environment triggered by the lifting of government restrictions on banking practices. It compares the approach of life insurers with that adopted in an earlier period of expansion and change. During the 1950s and 1960s an influx of foreign owned insurance companies into the Australian market precipitated the diversification of life insurers. The catalyst for change in both cases was the change in information costs brought about by the change in the competitive environment. The experience of the Australian life insurance market would suggest that there is a link between changing information costs and changing organisational structures. However this link is circumscribed by the institutional environment.
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Bibliographic InfoPaper provided by Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance in its series Economics Series with number 2003_08.
Length: 24 pages
Date of creation: 31 Nov 2003
Date of revision:
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Other versions of this item:
- Monica Keneley, 2004. "Adaptation and change in the Australian life insurance industry: an historical perspective," Accounting, Business and Financial History, Taylor and Francis Journals, vol. 14(1), pages 91-109.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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Australian Economic History Review,
Economic History Society of Australia and New Zealand, vol. 45(1), pages 1-22, 03.
- Monica Keneley, 2003. "Control of the Australian life insurance industry: An example of regulatory externalities within the Australian financial sector 1870-1945," Economics Series 2003_09, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
- Monica Keneley & Margaret McKenzie, 2006. "An Evaluation of Privatisations in Australian Banking and Insurance," Economics Series 2006_09, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
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