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IAG'S SUBMISSION TO TREASURY CONSULTATION PAPER
IAG's submission to Treasury Consultation Paper regarding the Federal Government's proposal that would require insurers to offer flood cover in all home building and home contents policies.
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INTRODUCTION IAG is an international general insurance group, with operations in Australia, New Zealand, the United Kingdom and Asia. Its current businesses underwrite over $8 billion of premium per annum and pay around $6 billion in claims per annum. IAG employs more than 13,000 people of whom around 9,000 are in Australia. Across our portfolio of brands IAG insures 6.9 million cars, 2.4 million homes, 92,800 farms, 121,100 employers and 375,200 businesses. IAG had more than 16.2 million policies in force in financial year 2011. IAG's Direct Insurance business provides personal insurance products as well as business insurance packages targeted at sole operators and smaller businesses in NSW, ACT, Queensland and Tasmania primarily under the NRMA Insurance brand. SGIO is the primary brand in Western Australia, and SGIC in South Australia. In Australia, IAG also has a distribution agreement with RACV (underwritten by Insurance Manufacturers of Australia – owned 70% IAG; 30% RACV) in Victoria. Products are distributed through branches, call centres, the internet and representatives. IAG's intermediated insurance products are sold nationally, primarily under the CGU Insurance and Swann Insurance brands through a network of more than 1,000 intermediaries, such as brokers, agents, motor dealerships and financial institutions. CGU is also a leading provider of workers' compensation services in Australia. 2 REFORMING FLOOD INSURANCE: A PROPOSAL TO IMPROVE AVAILABILITY AND TRANSPARENCY - IAG SUBMISSION TO CONSULTATION PAPER