Suncorp’s ‘green slip’ challenge to IAG
IAG has lost ground in the NSW compulsory third party (CTP) insurance sector as Suncorp’s twin brands AAMI and GIO inch closer to its chief rival.
NRMA Insurance, IAG’s flagship group in NSW, remains the top provider of CTP or “green slips” with a 33.7% share, although AAMI and GIO now jointly hold a 22.7% market share.
NRMA Insurance’s share of green slips in the state has fallen 1.2% since the middle of last year. AAMI – acquired under the Promina/Suncorp merger – has added 1.8% to account for 14.6% of green slips issued.
The Allianz share is largely unchanged at 16.5%.
IAG’s market share is at an all-time low and comes as Suncorp’s top executives map out the final structure of the $20 billion insurance and financial services entity.
Part of that restructuring will no doubt tackle the obvious issue of having two companies offering the same service in NSW.
Suncorp CEO John Mulcahy has said one of the brands will be the aggressor and the other will simply defend its market share.
NRMA Insurance, IAG’s flagship group in NSW, remains the top provider of CTP or “green slips” with a 33.7% share, although AAMI and GIO now jointly hold a 22.7% market share.
NRMA Insurance’s share of green slips in the state has fallen 1.2% since the middle of last year. AAMI – acquired under the Promina/Suncorp merger – has added 1.8% to account for 14.6% of green slips issued.
The Allianz share is largely unchanged at 16.5%.
IAG’s market share is at an all-time low and comes as Suncorp’s top executives map out the final structure of the $20 billion insurance and financial services entity.
Part of that restructuring will no doubt tackle the obvious issue of having two companies offering the same service in NSW.
Suncorp CEO John Mulcahy has said one of the brands will be the aggressor and the other will simply defend its market share.