Insurance Australia Group Limited

Insurance Australia Group Limited, IAG is the largest insurance company in Australia and New Zealand. It is aimed at making your world a better and safer place. See also What does Insurance Australia Group Limited do?, Who owns Insurance Australia Group Limited?, Companies owned and Insurance legislation in Australia.

Insurance Australia Group Limited also known as IAG is a multinational insurance company. IAG is the biggest and largest general insurance company in Australia. It also has its subsidiary, IAG New Zealand in New Zealand therefore making it the largest insurance company in New Zealand as well.

IAG was founded in 2000 under the name NRMA Insurance Group. The company became known as Insurance Australia Group Limited in 2002. IAG is a public company with its headquarters in Sydney, Australia. Insurance Australia Group Limited is an umbrella organization with numerous well known insurance brands it has acquired. The brand is listed on the Australian Securities Exchange and is also a constituent of the S&P/ASX 50 index.

What does Insurance Australia Group Limited do?

IAG is the parent company of a general insurance group with controlled operations in Australia and New Zealand. It is an organization that houses many well known insurance brands not excluding SGIC, CGU, WFI, SGIO. All of the mentioned businesses accumulate about $12.6 billion in premiums annually. Asides New Zealand and Australia, IAG is also active in Asia and holds significant stakes in several insurers. Currently, IAG had over 8.5 million customers and has credible information on motor vehicles as well as houses in markets.

Who owns Insurance Australia Group Limited?

IAG is ran by a group of shareholders. These shareholders own a certain percentage of the company and are listed as follows:

1. Perpetual Investment Management Ltd. 6.09%

2. Berkshire Hathaway, Inc. (Investment Management) 3.98%

3. The Vanguard Group, Inc. 2.62%

4. Vanguard Investments Australia Ltd 1.69%

5. Norges Bank Investment Management 1.32%

6. Newton Investment Management Ltd 1.13%

7. First Sentier Investors (Australia) IM Ltd 0.77%

8. Wilson Asset Management (International) Pty Ltd 0.70%

9. JPMorgan Asset Management 0.61%

10. BetaShares Capital Ltd. 0.60%

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What companies does Insurance Australia Group Limited own?

As earlier stated, Insurance Australia Group Limited has operations in Australia as well as New Zealand. However, they also have a presence in 5 Asian countries. Their businesses and companies as well as the years acquired are as follows;

Australia

1. NRMA Insurance

2. SGIO 1998

3. SGIC 1998

4. CGU Insurance 2003

5. Swann Insurance 2003

6. WFI 2014

7. MotorServe 2019

8. ROLLIN Insurance

Note: In 2014, IAG signed an agreement with Coles Insurance. It was a 10 year agreement to distribute home and car policies for them.

New Zealand

1. State Insurance 2001

2. New Zealand Insurance 2003

3. AMI Insurance 2012

4. Lumely 2014

5. Lantern Insurance

6. Swann Insurance

Asia

1. Thailand: 98.6% beneficial interest in Safety Insurance

2. Malaysia: 49% of the general insurance arm of Malaysian based AmBank Group

3. India: 26% of SBI General Insurance Company

4. Vietnam: 63.17% of AAA Assurance Corporation

5. Indonesia: 80% of PT Asuransi Parolamas

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How many employees are in Insurance Australia Group Limited?

As at now, IAG can boast of about 27000 employees across their branches and sub regions.

What are their specialties?

Insurance Australia Group Limited specializes in the following;

1. Underwriting

2. Home Motor claims

3. CTP

4. Life Insurance

5. Travel Insurance

6. Boat

7. Lifestyle and Leisure insurance

8. Home Security

9. Risk, Reinsurance and Shared Value

Frequently Asked Questions

What is the Insurance legislation in Australia?

The general insurance industry in Australia is governed by a number of laws. The key regulators are the Australian Prudential Regulation Authority as well as the Australian Securities and Investments Commission.

How do I make a complain about an Insurance company in Australia?

You can make a complaint by phone, in writing or email.

How long does an Insurance company have to settle a claim in Australia?

The insurer has 30 days from the date you stated you had a complaints to respond or resolve it. After 30 days, you can lodge in AFCA

Can an insurance company cancel your policy without notice in Australia?

An Insurer must give notice in writing before the cancellation of any insurance policy. The notice should include the proposed date for cancellation as well as the reasons.

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Conclusions

Insurance Australia Group Limited being the largest insurance company is well sought after by the public. They render impeccable services and are equally diverse. Follow this website for more information.