Wednesday, April 3rd, 2013 - Roy Morgan Research

Allianz is claiming over 10% of new or switched insurance products, ahead of industry leader CGU (8.6%) and QBE (8.2%). Over the last 12 months, 9.6% of Australian businesses took out a new insurance policy for the first time and 6.1% switched a policy to a new insurance company.

Allianz is claiming over 10% of new or switched insurance products, ahead of industry leader CGU (8.6%) and QBE (8.2%), the latest Roy Morgan Business Single Source survey shows.

Just as elections are won or lost in the marginal seats and among swinging voters, in insurance the crucial place to watch is who is getting the new business and who people are switching to.

Over the last 12 months, 9.6% of Australian businesses took out a new insurance policy for the first time and 6.1% switched a policy to a new insurance company.

Allianz and CGU have maintained their one-two positions from September 2012 while also increasing their respective market share of new or switched insurance products by 0.5% points and 0.7% points respectively.

QBE has made the strongest gains acquiring new business customers over the period—up from 7.0% last September to 8.2%—to move into third as Vero declined from 7.4% to 7.0%.

Other insurers taking a cut of new or switching businesses include GIO (6.1%) and AAMI (4.8%).

Nigel Smith, Director of Business Research, Roy Morgan Research, says:

“The most common channel for obtaining new or switching business insurance products remains insurance brokers. However dealing directly with insurance companies comes a close second, and has increased in frequency over the last six months.

“Intermediated channels such as equipment dealers, professional associations and product comparison websites are clearly only secondary options for businesses looking to switch or buy new policies."

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Source: Roy Morgan Business Single Source (Australia), October 2011 – February 2013 (Average 12 month sample n = 1,839).

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Allianz, CGU and QBE

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