IAG submission to Natural Disaster Insurance Review

IAG welcomes the opportunity to make a submission to the Natural Disaster Insurance Review (NDIR) – Inquiry into flood insurance and related matters Issues Paper (June 2011).

IAG is an international general insurance group, with operations in Australia, New Zealand, the United Kingdom and Asia. Its current businesses underwrite more than $7.8 billion of premium per annum. It employs more than 12,700 people of which around 9,000 are in Australia. IAG insures approximately one in three motor vehicles, and one in four homes, in Australia.

IAG’s direct insurance products, which include personal insurance as well as business insurance packages targeted at sole operators and smaller businesses, are 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. 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.

As an insurer, we are committed to assisting our customers manage and reduce their risks and, in the event of unexpected loss, we support customers and communities in recovering and rebuilding.

We look forward to working with the government and other stakeholders on the development of the most appropriate options to achieve the social and economic policy objectives, and to support a move towards a more sustainable and comprehensive approach to managing the impact of natural disasters on the community.