The Insurance Australia Group is based in Australia and New Zealand, with a presence in five Asian nations. Its businesses include the following:
Who is under IAG?
NRMA Insurance, CGU, SGIO, SGIC, Swann Insurance, WFI, and Lumley Insurance are some of IAG’s most well-known general insurance brands in Australia.
Who is the underwriter for IAG insurance?
1Through a distribution and underwriting joint venture with RACV, IAG’s short tail personal insurance products are supplied in Victoria under the RACV name. RACV distributes these products, which are made by Insurance Manufacturers of Australia Pty Limited (IMA), a joint venture between IAG and RACV that is 70% owned by IAG and 30% by RACV.
2 WFI Insurance Limited (WFI), the underwriter of general insurance products under the Coles Insurance brand, is 100% owned by IAG.
Coles distributes these products as part of an official representative relationship with WFI.
3 IAG owns 49 percent of AmBank Group’s general insurance subsidiary, AmGeneral Holdings Berhad (AmGeneral), which operates under the AmAssurance and Kurnia brands in Malaysia (see Asia section below).
Business structure
IAG’s operational model consists of three major insurance businesses, each of which is tailored to the insurance needs of unique customers and how they like to interact with us. The new operational model clarifies duties and responsibilities while also being more aligned with IAG’s brands and customer offers.
Direct Insurance Australia is IAG’s largest division, and it plays an important role in expanding our customer base and providing tailored, digitally-enabled services.
Direct Insurance Australia has the greatest market share in direct personal insurance in Australia, with products sold under the NRMA Insurance, RACV, SGIO, and SGIC brands. The company also offers direct insurance to small and medium-sized businesses, which it sees as a big development opportunity.
Direct Insurance Australia has continuously delivered outstanding financial results, supporting the franchise’s strength and resilience, accounting for 45 percent of IAG’s gross written premium in 1H22.
Intermediated Insurance Australia is a significant distributor of general insurance products to businesses and individuals across Australia through a network of intermediaries. With a considerable proportion of the small-to-medium enterprise sector and a strong presence in rural areas, commercial insurance is provided under the CGU and WFI brands.
Personal insurance is also available through Intermediated Insurance Australia’s broker and partner channels, which include brands like Coles and a number of affinity and financial institution agreements.
IAG’s objective to build better businesses includes increasing the level and consistency of Intermediated Insurance Australia’s profitability.
Intermediated Insurance Australia accounted for 32 percent of IAG’s gross written premium in the first half of 2012.
IAG is New Zealand’s largest general insurer, with brands such as State, NZI, AMI, and Lumley. IAG New Zealand sells its products via a mix of direct and indirect channels. The Consumer Division sells products directly to customers under the State and AMI brands, as well as through IAG’s banking partners ASB, Westpac, BNZ, and the Co-Operative Bank. Under the NZI and Lumley brands, the Business Division distributes products through a statewide network of certified and experienced brokers. IAG New Zealand contributed for 23% of IAG’s gross written premium in the first half of this year.
Asia
IAG’s primary concentration is on its Australian and New Zealand operations. As a result, IAG is still assessing its options for its remaining Asian general insurance assets, which may include divestitures where suitable. IAG’s remaining Asian investments are a 49 percent stake in Malaysia’s AmGeneral Holdings Berhad and a 13.93 percent stake in China’s Bohai Property Insurance Company Ltd.
IAG reported on July 19, 2021 that AmGeneral Holdings Berhad had signed an Implementation Agreement for the proposed sale of its wholly-owned insurance business, AmGeneral Insurance Berhad (AmGeneral), to Liberty Insurance Berhad, and that it expected to lose money on the transaction. The transaction is expected to close in fiscal year 22.
Is IAG an NRMA?
IAG, Australia’s and New Zealand’s largest general insurer, backs NRMA Insurance. CGU, SGIO, SGIC, WFI, and Swann Insurance are some of IAG’s most well-known insurance brands in Australia.
Who is the biggest insurance company in Australia?
Insurance Australia Group Limited (IAG) is Australia’s and New Zealand’s largest general insurance firm. The Group’s operations annually underwrite over $12.6 billion in premiums and sell insurance under a variety of well-known brands.
Where is IAG based?
International Consolidated Airlines Group, S.A. (IAG) is a multi-national holding corporation that owns 100% of British Airways, Iberia, and British Midland International (BMI). IAG is a Spanish corporation with headquarters in London, United Kingdom.
British Airways and Iberia, both oneworld members, merged in January 2011 to establish IAG, which continues to operate under their respective identities. IAG is listed on both the London Stock Exchange and the Madrid Stock Exchange (LSE: IAG) (BMAD: IAG). Qatar Airways is the group’s single largest stakeholder, with a 20.01 percent interest.
Is Allianz part of IAG?
According to the spokeswoman, Allianz Australia today employs over 5100 individuals in the country. IBISWorld reported in March that IAG has a 21.7 percent revenue share of the general insurance market, Suncorp Group 12.6 percent, Allianz Australia 7.7%, and QBE 7%.
Is IAG a good company to work for?
IAG is one of the best places to work in the world! They offer excellent wages and benefits! They are concerned about their employees’ well-being and make you feel valued. The job can be tough at times, but your managers will always make you feel supported.
Who is Coles insurance underwriter?
Insurance Australia Limited, part of IAG, Australia’s largest insurance business, backs Coles Car, Home, and Landlord Insurance.
Insurance Australia Limited, which underwrites general insurance products under the Coles Insurance brand, is owned entirely by IAG. Coles distributes these products as part of an Authorised Representative relationship with Insurance Australia Limited.