The insurance industry donated more than $492,000 to political parties at federal and state levels last financial year, according to data from the Australian Electoral Commission.

The Insurance Council of Australia was the top donor, spending $152,490, with 51.4% going to the Liberal Party and the remainder to Labor.

Allianz was second on $137,871, of which 49.4% went to Labor, 42% to the Liberal Party, 4.4% to the Country Labor Party in NSW and 3.3% to the Liberal National Party of Queensland.

Genworth Mortgage Insurance Australia was the third-largest donor on $101,800, followed by Suncorp, which made a single donation of $25,000 to the Liberal Party.