GIO, or GIO General, is an Australian general insurance provider. The company, which is owned by the Suncorp Group, offers insurance products, such as car, home and contents, CTP, boat, caravan, travel, business, public liability and workers compensation and life, primarily in the state of New South Wales and the Australian Capital Territory. The insurer was founded as the Government Insurance Office New South Wales in 1927 to provide workers compensation insurance and adopted the name, GIO. The insurer listed on the Australian Stock Exchange in August 1992 and in January 1999 was acquired by AMP Limited. In 2001, the Suncorp Group acquired GIO as part of AMP's general insurance interests.
Throughout GIO’s 80-year history, it has maintained a strong commitment to the local community and currently supports organisations such as Fire and Rescue NSW, New South Wales Rugby League, Wheelchair Sports NSW and Youngcare.
History
GIO was founded as the Government Insurance Office in 1927 by the Government Insurance Act of New South Wales. It was established to provide workers compensation insurance under the Workers' Compensation Act of 1926 and to take over activities previously carried out by the NSW Treasury Insurance Branch. The Act was amended over the years to widen its scope to life insurance.
In 1989 the name GIO Australia was adopted to reflect the business nationwide. In April 1991, an association was formed with the Home Building Society in Western Australia which made GIO’s personal and life insurance products available through 30 Home Building Society outlets.
GIO listed on the Australian Stock Exchange in August 1992 following a public and institutional offer.
In January 1999, AMP Limited acquired a majority shareholding (57.47%) in GIO Australia Holdings Limited and GIO became a listed subsidiary of the institution. At that time, GIO had nearly $10 billion in assets under management, a significant customer base and a growing retail market share.
On 1 July 2001, Suncorp Group acquired AMP's Australian general insurance interests, including GIO. On acquisition, the Suncorp Group’s general insurance customer base doubled and the business mix became more diversified, with growth in personal and business lines and the addition of workers compensation.
On 1 July 2013, as part of a Federal Court approved internal re-organisation, the Suncorp Group’s Australian general insurance businesses were transferred to one underwriter, AAI Limited. Today AAI Limited trades as GIO and issues GIO general insurance products.
Products available
GIO General offers the following products and services: motor vehicle insurance, compulsory third-party insurance in New South Wales and the Australian Capital Territory, home and contents insurance, caravan insurance, boat insurance, life insurance, travel insurance, business insurance and worker's compensation insurance.
Sponsorships and community initiatives
Fire and Rescue NSW
One of GIO’s most recent partnerships is with Fire and Rescue NSW (FRNSW), the state government agency responsible for the provision of fire, rescue, and hazardous materials services and one of the largest urban fire and rescue organisations in the world. Together, GIO and Fire and Rescue NSW raise home fire safety awareness and education through initiatives such as Fire Prevention Week, Fire Open Day, a Winter Fire Safety campaign, the development of a Home Fire Safety Audit survey and a suite of fire safety resources to help NSW families with fire prevention, preparation and recovery.
Motor Sport
Between 1989 and 1993, GIO was title sponsor for the Bob Forbes Racing team that competed in the Australian Touring Car Championship.
NSW Rugby League
In 2012, GIO announced a major sponsorship deal with NSW Rugby League. The partnership includes major sponsorship of the NSW Blues State of Origin team, NSW Under 20s State of Origin side, GIO NSW City Origin team and the GIO Schoolboy’s Cup and Trophy competitions. The partnership with the NSW Rugby League draws on GIO’s heritage as a long-standing organisation within the NSW community.
Wheelchair Sports NSW
GIO is a major sponsor of Wheelchair Sports NSW. The organisation has provided wheelchair sporting programs and events for athletes of all ages for more than 50 years. It currently caters for 14 different sports including athletics, tennis, basketball, and rugby. The partnership includes major sponsorship of the Summer Down Under and Oz Day 10k road and track racing series, the GIO Gladiators NSW Wheelchair Rugby team.
Youngcare
In 2011, GIO entered into a partnership with Youngcare, an organisation dedicated to helping young Australians with 24/7 care needs get out of aged care and nursing homes and into relevant and dignified care and housing. Currently more than 7,500 young Australians with full-time care needs are living in aged care simply because there are few alternatives <link to National Disability Agreement 2010>.
GIO is supporting Youngcare’s expansion into New South Wales by supporting key initiatives such as the GIO Youngcare Budgie Bolt race and the Youngcare At Home Care Grants program. The grants help young people to stay at home in the care of their families or carers, rather than being placed in an aged care facility. In 2011, GIO also donated $100,000 to build Youngcare’s first Sydney housing project.
GIO Stadium
GIO, along with parent companies Brisbane Suncorp Stadium, hold the naming rights of Canberra Stadium. It is a rectangular sporting stadium located in the Canberra suburb of Bruce, ACT, and is the home of the Canberra Raiders (NSW Rugby League) and Brumbies (Super 15 Rugby). It would have hosted games in the Australian A-League football had GIO's plan to buy the New Zealand-based Wellington Phoenix Football Club and rename it Canberra Phoenix been successful.
See also
- GIO Building
References
