Suncorp is Australia's third largest general insurance group. The general insurance business includes personal insurance products such as home and contents and personal effects cover, motor and boat, compulsory third party insurance, workers compensation and a range of commercial insurance products tailored to the small to medium business market such as property, marine, rural and liability.
Suncorp's insurance operation contributed $172 million before tax for the half year to December 2007.
Suncorp acquired AMP/GIO General Insurance in 2001 and AMP Ltd's 50 percent shareholdings in motor club insurance joint ventures in RACQ (Queensland) and RAA (South Australia). Both of these joint ventures hold substantial market shares in their respective states. These businesses run independently and in competition with Suncorp's existing general insurance business.
Following the merger with Promina, Suncorp now serves more than 6 million general insurance customers throughout Australia and New Zealand and provides personal and specialised insurances through well known brands such as AAMI, Apia, Shannons and Just Car in Australia and Vero in New Zealand.
Compulsory Third Party insurance (CTP)
Suncorp is the largest CTP provider in Queensland. Drivers pay their CTP insurance through motor dealers on the purchase of a new vehicle or when they pay their motor vehicle registration renewal. In NSW only, drivers must purchase CTP insurance before they can renew their vehicle's registration. In Queensland the state government sets price bands to ensure the CTP scheme is fully funded whereas in NSW insurers can vary prices within each class of vehicle to suit marketing and business strategy.
Personal Lines
These include home and contents, personal effects, motor, caravan, and boat insurance. These are distributed both directly and through intermediaries via brands such as Suncorp, GIO, AAMI and Vero. Other niche brands including Apia, Shannons, Just Car and InsureMyRide.
Commercial
Suncorp sells a wide range of business insurance products to small and medium sized businesses as well as corporates. These products are distributed both directly and indirectly through intermediaries.
Workers Compensation
We underwrite workers’ compensation in Western Australia, ACT and Tasmania and operate the managed funds schemes in New South Wales.
