Auto & General are now underwriting Coles insurance taking over the role from IAG. The partnership has been signed for 10 years.
IAG inherited the Coles partnership when it bought the Wesfarmers insurance underwriting business in December 2013. CEO Nick Hawkins was asked at the insurer’s full-year earnings briefing about the impact of exiting the Coles business. He dismissed the partnership saying that is was tough to make money out of and only represented a couple of hundred in million in premium - compared with the over $16 billion the overall business collects.
Aldi recently joined the list of supermarkets offering insurance in a policy underwritten by RACQ Insurance. j