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Adaptation and change in the Australian life insurance industry : an historical perspective

Keneley, Monica 2004, Adaptation and change in the Australian life insurance industry : an historical perspective, Accounting business & financial history, vol. 14, no. 1, pp. 91-109, doi: 10.1080/0958520042000176939.

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Title Adaptation and change in the Australian life insurance industry : an historical perspective
Author(s) Keneley, Monica
Journal name Accounting business & financial history
Volume number 14
Issue number 1
Start page 91
End page 109
Publisher Routledge
Place of publication London, England
Publication date 2004-03
ISSN 0958-5206
Keyword(s) life insurance
financial services sector
Summary In 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 domestic life insurers into other insurance markets. 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.
Language eng
DOI 10.1080/0958520042000176939
Field of Research 140203 Economic History
Socio Economic Objective 970114 Expanding Knowledge in Economics
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2004, Taylor & Francis
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Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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