IAG own both CGU and NRMA being the largest insurer of Australians.
SUNCORP own SUNCORP, GIO, VERO, AAMI, Shannon’s, APIA, the 2nd largest insurer of Australians.
QBE may well be the largest Australian insurer but over 69% of their business is overseas business.
YOUi is owned by a South African insurer called Outsurance.
Budget Direct is owned by a South African Insurer called Auto & General.
Real is owned by a South African Insurer called Hollard.
Progressive is owned by an American insurer I believe to be the largest motor insurer in Chicago.
Its called brand separation. The one company having 15 brands like SUNCORP do. This way they get your money which ever way you turn.
If you want scandal, try “iselect”. They claim to provide choice but in effect they provide 9 brands underwritten by the 1 insurer, Auto & General and have "as a comparing insurer", Dawes which is owned by Calliden which specializes in the prestige end of the market and won't even write the business that Auto & General will write so there is no true comparison of insurers, only comparison of brands.
Don't worry about a duopoly market in Australia as it can never happen. Worry about questionable marketing practices that lure people in under false pretenses.
So, while we hear the public MOAN about Woolworths and Coles holding such a large market share, what about Insurance Companies??..
But, don’t be scared…. The ACCC is there keeping watch for all of us. (that’s a big joke also)
