IAL Insurance exit market
IAL (Insurance Australia Limited) started business in Australia in April 2015 originally as BHIA (Berkshire Hathaway Insurance Australia) and provided their customers with comprehensive Home, Motor and Landlords Insurance products. Since June 2015, IAL have been backed by IAG (Insurance Australia Group) – the largest general insurance company in Australia and New Zealand.
On September 8 2021 IAG advised of their decision to exit its IAL business from the market following a comprehensive review of their personal lines. This decision was made to ensure a simpler approach to personal lines insurance for customers via their CGU brand, a brand which is already well-known to many Australian customers.
What this means for your current IAL policies?
IAL will no longer be able to provide cover for renewals after 30 November 2021. Therefore, if you are currently insured with IAL you will continue to be covered up until the date of your policy expiry. Prior to the expiry of your policy we will be obtaining comparison quotations from the market, including IAG’s CGU brand, and ensuring cover is arranged elsewhere. Any changes that you need to make on your current policies will not be effected.
What this means for your claims?
There is no change in process for claims. IAL will still continue managing claims for all of their policies and our internal processes and support will continue like normal.
If you have any questions regarding the change please contact our office to discuss.