SGIC first opened its doors for business on 4 January 1972 with a staff of 24 housed in the third level of Adelaide House at 55 Waymouth Street, Adelaide. When the Bill to establish SGIC was introduced into the South Australian Parliament, PremierDon Dunstan declared that SGIC's role was to help keep premiums at reasonable levels, ensure by competition that adequate service was given and make funds available for investment in semi governmental loans important to the development of the State. The first premium income for SGIC came from insuring the motor vehicle fleet of the South Australian Government $155,026.
SGIC grew from a concept in 1971 to become the largest general insurer in South Australia by 1992 selling motor, home, life, commercial and health insurance throughout the state via 19 branches. By 1992 one in four South Australians was a client of SGIC and it employed close to 1,000.
In the latter half of the 1998, the SGIC was acquired by SGIO of Western Australia. In 2000 SGIO was acquired by the NRMA who in turn acquired CGU. SGIC and CGU moved to new building at 80 Flinders Street in 2005.
In moving from a totally state based insurer to being under the umbrella of the NRMA who then changed to the 'Insurance Australia Group meant the assessing resources from South Australia were sent interstate on many occasions to assist when natural disasters hit. Sydney Hailstorm, Cyclone Larry, Newcastle Floods, Victorian Bushfires 2009, Melbourne and Perth Storm 2010 were all events to which assessing assistance was sent from South Australia.
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
Vehicle insurance is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region.
NRMA is an Australian organisation offering roadside assistance, advocacy for motorists and road-users, motoring advice, car servicing, International Driving Permits, travel and other services in New South Wales and the Australian Capital Territory. It is a member-owned mutual company limited by guarantee.
Insurance fraud is any act committed to defraud an insurance process. It occurs when a claimant attempts to obtain some benefit or advantage they are not entitled to, or when an insurer knowingly denies some benefit that is due. According to the United States Federal Bureau of Investigation, the most common schemes include premium diversion, fee churning, asset diversion, and workers compensation fraud. Perpetrators in the schemes can be insurance company employees or claimants. False insurance claims are insurance claims filed with the fraudulent intention towards an insurance provider.
Norwich Union was the name of insurance company Aviva's British arm before June 2009. It was originally established in 1797. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index.
Insurance Australia Group Limited (IAG) is a multinational insurance company headquartered in Sydney, Australia.
SGIO is an insurance brand of Insurance Australia Group trading in Western Australia. SGIO stands for State Government Insurance Office and started up in 1926. This company currently provides both personal and commercial insurances but initially provided workers compensation insurance in Western Australia. The personal and commercial insurances that the State Government Insurance Office provides includes car insurance, motorcycle insurance, home insurance, business insurance, travel insurance, boat insurance and caravan insurance. SGIO’s head office is located in West Perth in the CBD fringe areas. The organisation’s head office is built in a campus style environment.
Farmers Insurance Group is an American insurer group of automobiles, homes and small businesses and also provides other insurance and financial services products. Farmers Insurance has more than 48,000 exclusive and independent agents and approximately 21,000 employees. Farmers is the trade name for three reciprocal insurers, Farmers, Fire, and Truck owned by their policyholders. The non-claims activities of Farmers are managed by an attorney in fact, Farmers Group Inc, which is a wholly owned subsidiary of Zurich Insurance Group.
The Motor Insurers' Bureau (MIB) was founded in the UK in 1946 as a private company limited by guarantee and is the mechanism in the UK through which compensation is provided for victims of accidents caused by uninsured and untraced drivers, which is funded by an estimated £30 a year from every insured driver's premiums.
ERS is a specialist motor insurer. It has been providing insurance products for more than 70 years and now provides cover solely via Lloyd's Syndicate 218. ERS offers a diverse range of products, including private car, classic car, van, motorcycle, taxi, minibus, fleet, haulage, agricultural vehicle and motor breakdown.
Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance. These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of foreign financial conglomerates. With services such as disability insurance, income protection and even funeral insurance, these insurance giants are stepping in to fill the gap where people may have otherwise been in need of a personal or signature loan from their financial institution.
The Korea Deposit Insurance Corporation (KDIC) is a deposit insurance corporation, established in 1996 in South Korea to protect depositors and maintain the stability of the financial system. The main functions of KDIC are insurance management, risk surveillance, resolution, recovery, and investigation.
The Royal Automobile Association of South Australia (RAA) is a South Australian automobile club providing a range of member services including: 24-hour emergency breakdown, vehicle inspection, motoring advocacy, road safety, motoring road rules information service, technical advice, travel services, security, tour planning, accommodation booking and also a subsidiary insurance company.
Insurance in the United States refers to the market for risk in the United States, the world's largest insurance market by premium volume. Of the $5.380 trillion of gross premiums written worldwide in 2019, $1.548 trillion (28.8%) were written in the United States.
Australian Associated Motor Insurers Limited is an Australian general insurance provider offering car, home, CTP and business insurance. AAMI has vehicle assessment centres in Victoria, New South Wales, Queensland, South Australia and Western Australia. AAMI has been a brand and subsidiary of Suncorp Group since 2007. Its headquarters are in Melbourne, Victoria.
Aviva Group Ireland plc is the Irish arm of British insurance firm Aviva plc. Its headquarters are in Dublin. The company also provides investment management and pension services. Hoover's reports that Aviva is the largest general insurer in Ireland, with a market share of more than 20%. The company also has a majority shareholding in Aviva Health Insurance.
Legal protection insurance (LPI), also known as legal expenses insurance (LEI) or simply legal insurance, is a particular class of insurance which facilitates access to law and justice by providing legal advice and covering legal costs of a dispute, regardless of whether the case is brought by or against the policyholder. Depending on the national rules, legal protection insurers can also represent the policyholder out-of-court or even in-court.
GIO, or GIO General, is an Australian general insurance provider. The company, which is owned by the Suncorp Group, offers insurance products, such as car, home and contents, CTP, boat, caravan, travel, business, public liability and workers compensation and life, primarily in the state of New South Wales and the Australian Capital Territory. The insurer was founded as the Government Insurance Office New South Wales in 1927 to provide workers compensation insurance and adopted the name, GIO. The insurer listed on the Australian Stock Exchange in August 1992 and in January 1999 was acquired by AMP Limited. In 2001, the Suncorp Group acquired GIO as part of AMP's general insurance interests.
Vehicle insurance, car insurance, or auto insurance in the United States and elsewhere, is designed to cover the risk of financial liability or the loss of a motor vehicle that the owner may face if their vehicle is involved in a collision that results in property or physical damage. Most states require a motor vehicle owner to carry some minimum level of liability insurance. States that do not require the vehicle owner to carry car insurance include Virginia, where an uninsured motor vehicle fee may be paid to the state, New Hampshire, and Mississippi, which offers vehicle owners the option to post cash bonds. The privileges and immunities clause of Article IV of the U.S. Constitution protects the rights of citizens in each respective state when traveling to another. A motor vehicle owner typically pays insurers a monthly fee, often called an insurance premium. The insurance premium a motor vehicle owner pays is usually determined by a variety of factors including the type of covered vehicle, marital status, credit score, whether the driver rents or owns a home, the age and gender of any covered drivers, their driving history, and the location where the vehicle is primarily driven and stored. Most insurance companies will increase insurance premium rates based on these factors, and less frequently, offer discounts.
The Motor Vehicles Act is an Act of the Parliament of India which regulates all aspects of road transport vehicles. The Act provides in detail the legislative provisions regarding licensing of drivers/conductors, registration of motor vehicles, control of motor vehicles through permits, special provisions relating to state transport undertakings, traffic regulation, insurance, liability, offences and penalties, etc. For exercising the legislative provisions of the Act, the Government of India made the Central Motor Vehicles Rules 1989.
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