OnePath and Zurich Life Australia have been given a five-star rating by Canstar for the outstanding value of their business life insurance products.

It is the second time Zurich has won the overall award and the first time OnePath has achieved five stars for outstanding value.

Canstar Head of Wealth Management Stephen Mitchell says OnePath was runner-up in most categories the research house looked at, resulting in a close finish for the top award.

“When the scores were added up, OnePath was almost as close in each of the three product categories as this year’s Melbourne Cup results,” Mr Mitchell said.

“Hence, OnePath shared the overall honours with Zurich.”

Canstar rated the value insurers offered to businesses through product performance across 40 rating profiles based on gender, business size and professional or manual occupations.

“Prominent insurance giants dominated our results and reinforced the strength of the industry in Australia,” he said.

“Zurich remains consistent in its pricing and features across all profiles we looked at.

“When we drilled down into the individual components of business life insurance, Zurich was tops in key person and business partner insurance.”

The winner of the business expenses insurance category was AIA Australia. It’s the third time it has won the award.