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Making IAG simpler and more agile
As part of its work to become a simpler, more efficient and agile business, IAG has reduced from nine to two the number of Australian insurance licences we hold. The reduction in licences helps us achieve this and allows us to use our resources to provide a better service to our customers.
The Federal Court of Australia approved seven schemes to transfer all the insurance business from seven of our Australian licensed insurance entities into a related company called Insurance Australia Limited ABN11 000 016 722 (IAL) on 1 August 2017.
The seven insurance entities are:
- CGU Insurance Ltd ABN 27 004 478 371
- Swann Insurance (Aust) Pty Ltd ABN 80 000 886 680
- WFI Insurance Ltd ABN 24 000 036 279 (which currently underwrites Coles Car, Home & Landlords Insurance, Lumley and WFI general insurance policies)
- CGU-VACC Insurance Ltd ABN 73 004 167 953
- Mutual Community General Insurance Pty Ltd ABN 59 007 895 543
- HBF Insurance Pty Ltd ABN 11 009 268 277
- IAG Re Australia Ltd ABN 96 001 948 278
What does this mean for customers?
The transfer will have no impact on people who hold policies issued by these insurance entities.
The terms of policies have not changed after the transfer other than IAL becoming the insurer under each transferring policy; there will be no impact on claims; and policies continue to operate and be renewed in the same way.
Copies of the key documents related to the proposed transfers are available here:
- Summary of the schemes for the general insurance transfers
- Notice of intention to apply to the Federal Court of Australia
Schemes for the general insurance transfers:
- CGU Insurance Limited ABN 27 004 478 371; (27.27 KB)
- Swann Insurance (Aust) Pty Ltd ABN 80 000 886 680 (26.43 KB)
- WFI Insurance Ltd ABN 24 000 036 279 (26.19 KB) (which currently underwrites Coles Car, Home & Landlords Insurance, Lumley and WFI insurance policies)
- CGU-VACC Insurance Ltd ABN 73 004 167 953 (26.96 KB)
- Mutual Community General Insurance Proprietary Limited ABN 59 007 895 543 (26.32 KB)
- HBF Insurance Pty Ltd ABN 11 009 268 277 (26.04 KB)
- IAG Re Australia Limited ABN 96 001 948 278 (26.13 KB)