Risks in force
16.4million
(Risks in force indicate the number of risks IAG policies cover. In personal lines (home, motor etc) policies usually cover one risk. However business policies can cover a multitude of risks).
Initiatives
Explaining insurance: Insurers are often criticised for hiding the devil in the detail. With the Group's new motor and home policy books there is no fine print. The redesigned policy books are intended to educate customers and the community about how insurance works, what's covered (and what's not), and how premiums are calculated. The books are written in plain English and are the culmination of two years of research with customers and employees. The Australian Consumers' Association lawyer Khaldoun Hajaj welcomed the new books as "a big step forward, 100 times better. We hope other insurers will follow."
Under-insurance: IAG has developed a strategy tailored to offer more assistance to customers in helping them understand their personal exposure to risk — and the risks of being under-insured. Over a quarter of Australians are under-insured, which can have devastating effects at the time of claims. The new approach has boosted customer satisfaction and retention rates.
Helpkit: In response to last year's bushfires in Canberra, the Group launched a kit to help customers rebuild after a major loss. The kit encourages customers to do so using sustainable materials and energy-efficient design.
Managing costs: The Group works to manage costs so that the company's key stakeholders, customers, receive most benefit. The chart opposite (components of claims payments) illustrates that claims overheads are minimised to ensure that customers receive the best results when in need.
indicates that KPMG has provided assurance on the figures. For more information please see the Assurance statement.
