Life Assurance in Australia

Extract

This paper attempts to give a sketch of the history and present practice of life assurance in Australia. It is not unnatural that its earliest beginnings should have been based on principles and methods which had already been developed and proved in this country. There are still many similarities, but differences have arisen in the new environment, and an examination of these differences may be of interest to members of the Society.

Little more than 100 years ago the population of the colony of New South Wales, which then included the present territories of Queensland and Victoria, was only about 250,000, yet a few provident pioneers had already formed a Mutual Society to transact life assurance. They had been appalled by the plight of the families of the early settlers who died before they had time, by other means, to make provision for their dependants.

The development of this Society was at first very slow, but it had the good fortune to have no death claims during its first three years, nor did they exceed £2500 in any of the first ten years. It was not until the introduction of the canvassing system, with the appointment of the first full-time agent in 1860, that there was any appreciable expansion. To-day that Society is the largest mutual life office in the British Commonwealth with assets of £300 millions.