A recent survey by Roy Morgan Business Single Source shows that Allianz is claiming over 10 percent of new or switched insurance products, ahead of industry leader CGU (8.6%) and QBE (8.2%).
'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,' says the survey report.
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%).
Source: Roy Morgan Business Single Source (Australia), October 2011 – February 2013 (Average 12 month sample n = 1,839).