Important: This page is an independent reference summary. Verify classification decisions against the official ABS source before using them for tax, licensing, immigration or compliance purposes.

What this class covers

ANZSIC class 6322 classifies businesses primarily engaged in providing general insurance coverage in Australia. This classification encompasses insurers that underwrite policies protecting against various risks and liabilities, excluding life and health insurance. These entities assume financial risk from policyholders in exchange for premium payments, covering potential losses from specified events.

Typical operations include assessing risk, setting premiums, managing claims, and maintaining reserves to cover potential payouts. This classification applies to both direct insurers and reinsurers specializing in general insurance products. Businesses in this class operate within Australia's regulated insurance framework, which requires compliance with the Insurance Act 1973 and oversight by APRA.

Examples include:

  • Motor vehicle insurers covering accident, theft, and third-party liability
  • Home and contents insurance providers protecting against fire, natural disasters, and theft
  • Travel insurance companies offering coverage for trip cancellations, medical emergencies abroad, and lost luggage
  • Business insurance providers covering property damage, public liability, and professional indemnity
  • Workers' compensation insurers managing employer liability for workplace injuries

Primary activities in plain English

Businesses in this class typically engage in:

  • Providing accident insurance coverage for unexpected injuries
  • Offering comprehensive insurance policies that cover multiple risks under a single policy
  • Underwriting fire insurance for property protection
  • Providing household insurance for homes and personal contents
  • Offering mortgage insurance to protect lenders against borrower default
  • Providing motor vehicle insurance including comprehensive, third-party, and compulsory insurance
  • Underwriting owner's liability insurance for property-related risks
  • Providing reinsurance services for other general insurers (excluding life reinsurance)
  • Offering third-party insurance covering liability to others
  • Providing travel insurance for domestic and international trips
  • Managing workers' compensation insurance programs for employers
  • Providing other insurance services not elsewhere classified

Exclusions and nearby codes

ANZSIC 6322 specifically excludes several related insurance activities that fall under separate classifications:

Insurance broking services, where businesses act as intermediaries between insurers and customers, are classified under ANZSIC 6420 (Auxiliary Insurance Services). This includes insurance agents, brokers, and underwriting agencies that don't directly underwrite policies.

Health insurance coverage for hospital, medical, dental, pharmaceutical, or funeral expenses is excluded from this class and instead falls under ANZSIC 6321 (Health Insurance).

Life insurance and life reinsurance services are classified separately under ANZSIC 6310 (Life Insurance), which covers life policies, annuities, and related products.

Practical guidance

When registering your business with the Australian Business Register, you'll need to select ANZSIC 6322 if your primary activity involves underwriting general insurance policies. This classification affects how your business is categorized for statistical purposes and may influence your regulatory requirements.

For taxation purposes, businesses in this class typically complete specific sections in tax returns related to insurance activities. You may need to report premium income, claims expenses, and technical reserves differently than other financial services businesses.

Workers' compensation classifications vary by state, but insurers in this class generally fall under financial services categories with corresponding premium rates. Check with your state's WorkSafe authority for specific classification details.

The Australian Business Number (ABN) registration process requires accurate ANZSIC classification, as this helps government agencies monitor industry trends and administer industry-specific programs. Some grant programs or regulatory reporting requirements may be tied to this classification.

The corresponding BIC (Business Industry Code) 63220 aligns with this ANZSIC class for statistical reporting purposes. When dealing with government agencies or completing official documentation, ensure consistency between your ANZSIC and BIC classifications.