All the Strata Insurers in a Row
or, who's covering Australian strata risks in this game …
A Quick Read
The Australian strata insurance game is tricky and high stakes, but worth playing well. And, to do that you need to know the other gamers and what moves they’re likely to make. So, in this article, let’s meet the 13 insurers that strata citizens players will come across.
[a 5:75 minute read, with 1133 words]
The Full Article
INTRODUCTION
We’ve explained who all the players in the strata insurance game are in the Article Ready Strata Players One, Two, Three, etc.
So, let’s look more closely at some of the gamers, starting with the 13 insurers. If I’ve missed any, please let me know.
You’ll recall that insurers are one in an insurance contract that promises to pay compensation or that underwrites the insured risk in contrast to the insured strata buildings property is covered by the insurance policy.
They’re usually very big organisations. Typically, insurers operate through underwriters and brokers. But, occasionally, insurers will also issue policies and handle claims directly with strata building customers.
And, here they all are with their own bio words and links to their primary web presence.
ALL THE STRATA INSURERS
Lloyd’s of London
‘Lloyd’s provides tailored insurance and reinsurance solutions for a variety of Australian risks including property catastrophe, professional liability, accident and health, construction, real estate, transport, energy, cyber threats and political risks.’
https://www.lloyds.com/australia
AAI Limited [part of Suncorp]
‘For over 100 years, Suncorp Insurance has been providing everyday Australians with support and a helping hand when they need it most. Suncorp Insurance can help protect your valuable assets with a suite of home, contents and car insurance options. You can also access Suncorp branded income protection, life, and health insurance to help support you and the things you value and rely on.’
https://www.suncorp.com.au/insurance/home/strata.html
AIG Australia Limited
‘We help individuals and businesses reduce risk and recover from losses when the unexpected occurs. Operating in Australia since 1957, we’re known for our flexible solutions, claims excellence and partnering with brokers for success.’
Allianz Australian Insurance Limited
‘We’ve been securing the future of our customers in Australia since 1914. Become part of our history by joining over 3 million Australians who trust us with their insurance. Allianz Australia Insurance Limited is part of the Allianz Group. Allianz Group has been recognised as the world’s top insurance brand in Interbrand’s Best Global Brands 2023 for the fifth year in a row, reflecting our global brand strength.’
Berkley Insurance Company
‘Berkley Insurance Australia (BIA) is a world class general insurer providing customised solutions across a range of specialist product lines. As a company, our motto is local teams supporting local brokers, ensuring fast responses to requests for quotes, risk submissions and new claims. Winning the NIBA General Insurer of the Year in 2020, Insurer of the Year for Insurance Advisernet 2022 and Insurer of the Year for the Insurance Business Brokers on Insurers Awards in 2021, 2022 and 2023, we know that our personalised service is highly valued by our network of clients.’
Chubb Insurance Australia Limited
‘Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. We combine the precision of craftsmanship with decades of experience to conceive, craft and deliver the very best insurance coverage and service to individuals and families, and businesses of all sizes.’
Swiss RE International SE
‘At Swiss Re, our vision is to make the world more resilient. Together, we apply fresh perspectives, knowledge and capital to anticipate and manage risk - from natural catastrophes to climate change, from ageing populations to cyber crime. We aim to enable society to thrive and progress, creating new opportunities and solutions for our clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. In Australia and New Zealand, Swiss Re provides Life & Health and Property & Casualty reinsurance to some of the region's largest insurers.’
https://www.swissre.com/australia_newzealand/
Insurance Australia Ltd [IAG]
‘Insurance Australia Group Limited (IAG) is the largest general insurance company in Australia and New Zealand. The Group’s businesses underwrite over $14 billion of premium per annum, selling insurance under many leading brands including NRMA Insurance, CGU, WFI and ROLLiN.’
Liberty Mutual Insurance Company
‘Since 1912, we've grown into the fifth largest global property and casualty insurer based on 2022 gross written premium. We also rank 86 on the Fortune 100 list of largest corporations in the US based on 2022 revenue. At Liberty Mutual Insurance we work hard every day to support our customers and our people, so they can protect their families, build their businesses and invest in their futures. We are headquartered in Boston, but our people, our customers and our reach span the globe. So to better serve our global customers and employees, we are organized into three business units.’
https://www.libertymutual.com/
QBE Insurance (Australia) Limited
‘In 1886, two entrepreneurs started a marine insurance company in Townsville, Australia to give early pioneers a safeguard against uncertainty. Since then, QBE has grown and evolved to become an international insurer and reinsurer with a local presence in 27 countries and headquartered in Sydney. Leveraging our deep expertise and insights, QBE offers commercial, personal and specialty products and risk management solutions to help people and businesses manage risks, build strength and embrace change to their advantage.‘
RACQ Insurance Ltd
‘We're a different kind of insurer. RACQ is owned by our members. You become an RACQ member when you insure with us*, so you can count on us to look after you. We know Queensland’s weather can be challenging, which is why we offer policies that protect your car and home from loss or damage from a storm, flood, hail or fire event. And if you need to talk to us, simply click, call or drop into an RACQ store. We’ll be by your side if things go wrong.’
https://www.racq.com.au/insurance#overview
RACT Insurance Pty Ltd
‘We've been a part of the Tasmanian community for 100 years. Since forming in 1923, we've always had the same purpose – to be Tasmania’s shoulder to lean on and voice when it matters.’
XL Insurance Company SE [part of AXA]
We’re not just a reinsurer. We are one of the world’s largest P&C reinsurers with a leading position in all global markets. Our strength comes from out talent, globalfootprint and ratings. We’re part of AXA Group with a solid capital position and AA+ (S&P) and A+ (AM Best) ratings.
CONCLUSIONS
You’ll recognise some but not all these insurers and you may have dealt with them in your strata buildings. Either way, understand that the insurance buck stops with the insurers and they play the game to win [big] by collecting more than they pay out.
Next, we’ll look at the strata insurance brokers.
May 07, 2024
Francesco …