Suncorp Insurance provides a wide range of insurance products that cater to all consumers. Armed with 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 Insurance has maintained a sizable market share in the Australian insurance industry. Currently, Suncorp Insurance is Australia's third largest general insurance group.
Suncorp Insurance 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). Suncorp Insurance then entered into a merger with Promina, another insurance company. In 1996, the Queensland Government-owned Suncorp and QIDC entities were merged into Metway Bank to create the new group Suncorp Metway. This new brand, with Suncorp Insurance as one of its core business, was launched in May 1999.
Currently, Suncorp serves more than 6 million general insurance customers throughout Australia and New Zealand. Suncorp Insurance provides insurances through brands such as AAMI, Apia, Shannons and Just Car in Australia and Vero in New Zealand. The corporation has over 16,000 staff. Suncorp has 233 retail and business banking outlets, predominantly in Queensland. Since the Promina acquisition, Suncorp has a total representation in 450 offices, branches and agencies throughout Australia and New Zealand.
Services and products of Suncorp Insurance
Suncorp Insurance offers home and contents, personal effects, motor, caravan, and boat insurance. Suncorp Insurance is the leading CTP provider in Queensland and one of the forerunners in New South Wales. Different regulations govern the purchase of CTP insurance which Suncorp Insurance adheres to. Drivers must purchase CTP insurance before they can renew their vehicle's registration in NSW. In Queensland the state government sets price bands to ensure the CTP scheme is fully funded. Businesses may also take advantage of Suncorp Insurance's wide range of business insurance products to small and medium sized businesses as well as corporates. These products are available and are distributed both directly and indirectly through intermediaries.
Suncorp Insurance underwrites workers' compensation in Western Australia, ACT and Tasmania. Managed funds schemes in New South Wales are also operated by Suncorp Insurance.