Top ASX insurance stocks to watch in 2026

ASX-listed insurance stocks include companies that underwrite policies directly, broker networks that distribute cover on behalf of underwriters, and specialists in areas like private health insurance and lenders mortgage insurance. QBE Insurance Group ($QBE) underwrites general insurance and reinsurance across North America, Europe and Asia Pacific, while Steadfast Group ($SDF) and AUB Group ($AUB) operate as broker and agency networks that distribute policies rather than underwriting them directly.

How we built this list: We selected these companies based on their industry. Prices are updated daily, and the list and supporting content are reviewed roughly every quarter. All data is sourced from Stake. This list isn't a recommendation and isn't ordered by suitability.

Past performance is not a reliable indicator of future performance.

Source: Stake market data. Figures in A$ and NZ$. Data updated as of 7 September 2026.

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1. QBE Insurance Group Limited ($QBE)

QBE Insurance Group Limited (QBE) share price over the last year: started at A$20.83, ended at A$22.57, a change of +8.4%. Range over the period: high A$25.76, low A$18.83. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $22.57 · Daily: -0.2% · Market cap: $33.72B · Sector: Financials · Industry: Insurance

QBE Insurance Group Limited ($QBE) sits on both sides of the insurance equation – it underwrites risks directly and manages Lloyd's of London syndicates. Its 13,196 employees work across three segments: North America, International, and Australia Pacific. The North America arm writes general insurance, reinsurance, and crop cover in the U.S., while the Australia Pacific segment underwrites general insurance across Australia, New Zealand and the Pacific region.

The International segment is the most geographically spread of the three. $QBE writes general and reinsurance business through Lloyd's, runs worldwide reinsurance out of offices in the United Kingdom, the United States, Ireland, Bermuda, Dubai and mainland Europe, and offers personal and commercial cover across Hong Kong, Singapore, Malaysia and Vietnam. CEO Andrew Horton oversees the whole operation.

2. Suncorp Group Limited ($SUN)

Suncorp Group Limited (SUN) share price over the last year: started at A$20.88, ended at A$19.11, a change of −8.5%. Range over the period: high A$21.18, low A$13.99. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $19.11 · Daily: -1.3% · Market cap: $20.26B · Sector: Financials · Industry: Insurance

Suncorp Group Limited ($SUN) underwrites general insurance across Australia and New Zealand, operating as a direct insurer rather than a distributor of other companies' policies. Its Consumer Insurance arm issues home and contents, motor and boat cover to Australian households.

The Commercial and Personal Injury segment takes on a broader set of risks. Commercial property, marine, industrial special risks, public liability, professional indemnity, workers' compensation and compulsory third party are all written from this division.

The New Zealand operation adds a life insurance dimension to the group. Alongside general cover for homes, vehicles and commercial property, $SUN also underwrites life, trauma, total and permanent disablement, and income protection policies there. Jeremy Robson leads the group as CEO.

3. Insurance Australia Group Limited ($IAG)

Insurance Australia Group Limited (IAG) share price over the last year: started at A$8.51, ended at A$8.02, a change of −5.8%. Range over the period: high A$8.72, low A$6.44. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $8.02 · Daily: -0.4% · Market cap: $18.75B · Sector: Financials · Industry: Insurance

Insurance Australia Group Limited ($IAG) underwrites general insurance in Australia and New Zealand, covering personal and commercial risks across two main channels. Its direct business sells policies straight to customers under household-name brands – NRMA Insurance nationally, RACV in Victoria through a joint venture with the automotive club, and the newer ROLLiN' Insurance brand.

The other side of the business moves through brokers and intermediaries, distributing commercial and personal lines cover under the CGU Insurance and WFI Insurance brands. CEO Nick Hawkins oversees both arms, alongside a New Zealand operation and an investment management function that manages the funds held against policy liabilities.

4. Medibank Private Limited ($MPL)

Medibank Private Limited (MPL) share price over the last year: started at A$4.99, ended at A$4.66, a change of −6.6%. Range over the period: high A$5.28, low A$4.10. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $4.66 · Daily: 0.0% · Market cap: $12.83B · Sector: Financials · Industry: Insurance

Private health insurance runs through two brands at Medibank Private Limited ($MPL): Medibank and ahm. Members can take out hospital cover, ancillary care like dental and physiotherapy, or a packaged product that combines both.

$MPL also runs a health services arm serving government and corporate customers with health management, in-home care and telehealth. The company additionally distributes travel, life and pet insurance on behalf of other insurers.

5. Steadfast Group ($SDF)

Steadfast Group (SDF) share price over the last year: started at A$6.11, ended at A$5.71, a change of −6.5%. Range over the period: high A$6.63, low A$3.91. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $5.71 · Daily: 0.4% · Market cap: $6.35B · Sector: Financials · Industry: Insurance

Rather than underwriting policies and holding risk itself, Steadfast Group ($SDF) earns its place in the insurance chain as a broker and agency network. $SDF connects businesses and individuals to underwriters through brokerages and agencies it owns across Australia, New Zealand, Singapore and the United States. It also owns around 30 underwriting agencies that focus on specialist, niche segments – including strata insurance, personal insurance and liability cover.

$SDF also runs a Lloyd's broking operation, which handles wholesale insurance placement for brokers and agents globally. Sitting alongside the core broking business are complementary operations such as IQumulate Premium Funding and Meridian Lawyer, rounding out a group that CEO Sam Hollman oversees.

6. Challenger Limited ($CGF)

Challenger Limited (CGF) share price over the last year: started at A$8.41, ended at A$9.81, a change of +16.6%. Range over the period: high A$10.75, low A$7.38. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $9.81 · Daily: -1.6% · Market cap: $6.69B · Sector: Financials · Industry: Insurance

Annuities sit at the core of what Challenger Limited ($CGF) does. Its main operating entity, Challenger Life Company, writes fixed-rate, fixed-term and lifetime retirement products designed for Australian investors seeking reliable income from their superannuation. The business also reaches into Japan through a reinsurance arrangement with Mitsui Sumitomo Primary Life Insurance Company Limited, through which equivalent products are offered to Japanese investors.

A separate Funds Management arm runs managed investments across fixed income and property, giving $CGF two distinct revenue streams within financial services. CEO Nick Hamilton oversees a workforce of 551 people.

7. AUB Group ($AUB)

AUB Group (AUB) share price over the last year: started at A$34.17, ended at A$29.25, a change of −14.4%. Range over the period: high A$39.27, low A$22.58. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $29.25 · Daily: 0.5% · Market cap: $3.82B · Sector: Financials · Industry: Insurance

Small and medium-sized businesses make up the core of AUB Group's ($AUB) client base on both sides of the Tasman. Its Australian and New Zealand broking arms arrange cover for those clients through licensed underwriters, while its agencies segment takes a different role – designing, distributing and managing insurance products on behalf of those underwriters.

$AUB also runs an international division covering wholesale and retail broking and managing general agent operations. A platforms arm supports the broader network with automated quoting and binding technology, including white-label services for external clients. CEO Mike Emmett leads a business of around 2,697 employees.

8. NIB Holdings ($NHF)

NIB Holdings (NHF) share price over the last year: started at A$7.31, ended at A$6.63, a change of −9.3%. Range over the period: high A$7.66, low A$5.81. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $6.63 · Daily: -0.7% · Market cap: $3.24B · Sector: Financials · Industry: Insurance

NIB Holdings ($NHF) sits in the private health insurance space, covering Australian residents, New Zealand policyholders and international students and workers through its inbound health insurance arm. The travel insurance and NDIS plan management operations round out a business that extends well beyond a standard health insurer.

Ed Close leads a team of 2,019 employees across those segments. The Australian residents segment remains the core of the business, though $NHF's reach into New Zealand life and health cover gives it exposure to a second market.

9. Helia Group ($HLI)

Helia Group (HLI) share price over the last year: started at A$5.78, ended at A$5.20, a change of −10.0%. Range over the period: high A$6.26, low A$4.46. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $5.20 · Daily: 0.0% · Market cap: $1.43B · Sector: Financials · Industry: Insurance

Helia Group Limited ($HLI) underwrites cover that home buyers pay for but that protects their lender. The company underwrites lenders mortgage insurance – known as LMI – which protects banks and other lenders if a borrower defaults on a home loan and the sale of the property doesn't cover what's still owed.

Lenders buy LMI as a risk transfer tool, particularly on loans where the borrower has a deposit of less than 20%. That coverage allows lenders to extend credit they might otherwise decline, which means LMI plays a structural role in how mortgage markets function. $HLI also offers broader risk and capital management solutions alongside its core LMI product.

The business runs under chief executive Michael Cant, with around 170 employees.

10. Tower ($TWR)

Tower (TWR) share price over the last year: started at A$1.50, ended at A$1.55, a change of +3.0%. Range over the period: high A$1.84, low A$1.44. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: $1.55 · Daily: 0.3% · Market cap: NZ$662.8M · Sector: Financials · Industry: Insurance

Tower Limited ($TWR) is a New Zealand-based insurer covering the everyday risks that individuals and businesses want protection against. The product range runs from car, house and contents insurance through to boat, motorbike, caravan and pet cover. On the business side, $TWR offers asset insurance, business interruption cover, liability policies and commercial vehicle insurance.

Under CEO Paul Johnston, the company employs 966 people. Its house insurance alone comes in multiple tiers – standard, plus and premium – along with landlord and contract works options.

$TWR sits in the Financials sector as a direct underwriter, meaning it takes on the risk of the policies it sells rather than distributing cover on behalf of other insurers.

Common questions

How to invest in ASX insurance stocks in Australia?

All ten companies on this list trade on the ASX, so shares can be bought through a share trading platform by searching the ticker and placing an order. Some broader ASX financial-sector ETFs also hold insurance names as part of a wider financials allocation, though the weight any individual company gets within those funds varies considerably.

What are the key risks of ASX insurance stocks?

Claims volatility is the central underwriting risk – a severe year for natural disasters or large liability claims can push payouts well above collected premiums, directly hitting earnings. Insurers also hold investment portfolios to back their liabilities, so returns on those assets shift with interest rate movements. Health insurers face an additional layer: premium increases require government approval under Australia's regulatory framework, which can constrain pricing flexibility. Companies with meaningful offshore operations also carry currency exposure, since earnings in foreign currencies translate back to AUD.

How do the types of insurance companies on this list differ?

The list covers several distinct business models, not a single category. General insurers like $QBE, $SUN, $IAG and $TWR underwrite property, motor and liability risks, collecting premiums in exchange for bearing those losses. The health insurers – $MPL and $NHF – operate in private health coverage for hospital and ancillary care. $SDF and $AUB are brokers and underwriting agencies rather than underwriters; they earn fees and commissions by placing insurance on behalf of others without carrying the underwriting risk. $HLI provides lenders mortgage insurance, which protects lenders against losses when home loans default, while $CGF pairs an annuity and life insurance business with a funds management arm.

Disclaimer

Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation, and particular needs before making an investment decision. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.

This is not personal financial advice nor a recommendation to invest in the securities listed. Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.

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