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#31 | ||
FF.Com.Au Hardcore
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#32 | ||
Regular Member
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#33 | ||
FF.Com.Au Hardcore
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I think you better check the links I posted
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#34 | ||
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Join Date: Feb 2024
Posts: 32
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Checked it myself.
AAI owns both Suncorp and Shannon's. Shannons is just the more specialised arm of Suncorp. Why are you so argumentive with things when your not 100% correct? The truck licencing saga is a classic example...... |
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#35 | |||
FF.Com.Au Hardcore
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Quote:
BTW, Shannons is just one of many brands that Suncorp have in their porfolio, scroll to near the bottom https://en.wikipedia.org/wiki/Suncorp_Group Nothin on here about 'AAI' (or anywhere else for that matter) https://www.suncorpgroup.com.au/about/history
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I reserve the right to arm bears
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#36 | |||
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Quote:
It is listed under the strategic partners link. Last edited by EBSXR6; 26-07-2024 at 09:11 AM. |
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#37 | ||
praek tih kl jo kr
Join Date: Mar 2011
Location: Atwell W.A.
Posts: 1,654
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Suncorp is a Octopus of insurance, each tentacle has another Octopus of insurance arms and so on, its hard to decipher who owns who.
I can confirm that AAI is Suncorp, they have many other tentacles like Vero, Apia, AAMI etc |
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#38 | ||
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The Commonwealth Bank sold their Insurance Business to the Hollard Group.
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#39 | ||
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This may help clear things up a bit. The way I interpret this is, that Suncorp Group owns AAI Limited, which in itself owns Suncorp Insurance.
Perhaps some of the confusion comes from reference to Suncorp by itself, as that may refer to different corporate entities. https://www.suncorpgroup.com.au/uplo...d%20122016.pdf
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#40 | |||
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Quote:
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#41 | ||
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So AAI is owned by Suncorp not the other way around as stated by that poster - just checking
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#42 | ||
praek tih kl jo kr
Join Date: Mar 2011
Location: Atwell W.A.
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#43 | |||
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Join Date: Jun 2010
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Quote:
They had issues with their insurance company but not as bad some of the other people in the town. He was telling me that some of the insurance companies after replacing the bottom half of the plaster were not painting the entire room they were painting the new plaster and trying to blend the paint to match the existing paint. |
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#44 | ||
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ANZ is gliding around just out of sight, so it's like a stingray wants to eat the Octopus.
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I6 + AWD |
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#45 | |||
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Quote:
You just need to make sure you enthusiastically answer their initial questions about how in love with your car you are and how you attend car shows, etc, etc. Bonus points for mentioning you saw a Shannons stand at X car show or the like. Or that you own X performance car you will move over to them when your current policy expires. Just to throw some more fun into the mix, yes AAI is a subsidiary of Suncorp, but its pretty much only an underwriter for a number of Suncorp (of course) insurance brands... And then for a long time only for car insurance. You'll find other products from the same brand, like home and contents for instance, are underwritten by a separate insurer again. AAMI and Shannons car insurance were AAI underwritten for a long time, but home and contents were Suncorp directly. Other insurance types had different underwriters again. Although it looks like that may have changed recently. I always only look at insurance brands as brokers these days. They are just a face with lipstick organising policies for the underwriter holding it up. As for Budget and Youi... I wouldn't **** on either if they were on fire. The most bothersome annoying policies to even try get a quote from. So strict with requirements that beggar belief. Budget wanted me to get my car assessed for marks, chips and scratches. Because these would be deducted from the cost of the cost of the repair if there was an incident. They'd cancel my insurance if I didn't see an assessor within 2 weeks of buying the policy. Youi wanted triple the standard excess for the first 3 months then double for the next 6 as a new customer. Plus were 30% dearer than the one I went with. And it took me an hour to get that price after having to listen to their annoying "sales consultant" spin how wonderful they are. I thought the bloke was going to cry when I said no I'm not interested as you are so far away its not funny. And all this as a long term rating 1 40yo. I'd hate to see how hard they are to deal with after a claim. |
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#46 | ||
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#47 | ||
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Probably more money in insurance than banking, except in the event of natural disasters then they will run and hide
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#48 | |||
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Quote:
Your summation of Youi is spot on. I heard bad things about Budget years ago and have never thought of them
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#49 | ||
T3/Sprint8
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Location: Australia
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Surprisingly for me having gone Youi for the first time last year it’s been no prob having had to go through 2 claims already within a year.
Sure a lot of questions opening a new policy but most are similar today. Budget I’ll never go with again for their market value is too low and you pay a lot more going for agreed. Choice of repairer adds more cost. Their first quotes are cheap hence why many go for them but when you add more they are not worth it. Trevor I’ve been able to add my DD to my other 2 Falcons with Enthusiasts. Makes my 3 on one policy very competitive. Sent from my iPhone using Tapatalk
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#50 | ||
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Join Date: May 2009
Location: Brisbane (Southside)
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I find Youi the tale of 2 insurances I have my house and contents with them. They where competitively priced and I'd heard good things. When it comes to cars though, they are always hundreds of $$ a year more than everyone else so haven't gone with them.
My Redline is with Shannons on Part Use (2 days a week). 2 days a week is fine as thats about what Id use it anyway. Premium is fair, it covers all my mods and the agreed value in happy with Wifeys Everest is with Allianz. We've been with them 5 years now. Had 2 claims (not at fault) with them and they where awesome to deal with and everything was done quickly. They aren't the cheapest but because of the level of service we have had, we used them for the Everest. Brand new $90k vehicle, may as well stay with who has done us well. My daily (our Sorento) is with Allianz as well. Its been with them since we collected the car new in 2020 and have been happy. If renewal for this one is huge in October when it comes I'll be changing though.
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#51 | ||||
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Quote:
We owned a house 1 street back from the river and again 1 metre above all recorded flood levels, insurance went from $1800 to $8500 in on year, not with AAMI. We went with Bendigo Bank Insurance, $2400 per year Quote:
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I reserve the right to arm bears
Last edited by Trevor 57; 27-07-2024 at 04:51 PM. |
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#52 | ||
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Location: Hervey Bay
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Allianz was a good contender up until a couple of years back when they redesigned their policies.
I was with them for 3 years and Dad for 2. They had a policy with minimum driver age option and named drivers only option. Tick both of those boxes and it lopped 30-odd% off the premium. Policy also offered agreed value with a pretty high cap. Then out of the blue they ditched those offerings, massively lowered the agreed value caps and correspondingly upped the premium. So they got the punt. Which spurred the move to Shannons. |
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#53 | |||
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Join Date: Jan 2010
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Quote:
absolutely no loyalty as all are focusing on profits, you only have to look at so many car crashes now, panel beater was full when my wife scraped the side of the car so we can’t criticise anyone else. |
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#54 | ||||
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Join Date: Jan 2005
Location: Hervey Bay
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Quote:
My sister recently moved to Youi and her idiot husband rejected the glass excess free extra covera. Because he's too cheap to see past his nose. The windscreen got hit by a stray T-Ball ball one afternoon at nephews practice and a new screen was $850. Youi rejected the claim because it feel outside the PDS, but also said even if it didn't they would enforce the double excess at the time. Any saving they had from the move evaporated and then some. Quote:
So I found a new insurer, Sure Insurance (regional Qld specialists) and they came in at $1650 for the same thing. I expected a $100 to $200 increase for the 2024 renewal, but it was a very pleasant $60. I thought I'd do a quote with AAMI for giggles and that came back at $1000 less than previous years renewal... Go figure... ![]() For cars I don't think its helping insurers that so many people don't carry insurance anymore. And there are more runners than before. And in Qld specially, there are a ton of underage perpetrator claims. They are unable to recover costs like they did before and it would be hurting them for all the comprehensively insured. |
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#55 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Location: Sydney
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I spent much of my working life in insurance. From Underwriting, claims, general and executive management, legal and compliance, training at General Insurers, Brokers and consultants, along with teaching at various universities, complete with writing some of those boring textbooks.
The following points may be of interest to explain why insurers do some of those crazy things. A few points first: 1. Most insurer staff are dedicated, but are poorly supervised, trained, resourced and supported. 2. The pricing of insurance products has more to do with the laws of supply and demand - rather than risk or the cost of claims. 3. All licensed insurance companies - even those that are subsidiaries of a large insurance group, must run independently. They must have their own shareholder funds, board and management. 4. Profitability of insurance underwriting - that is claims cost, plus distribution cost, and overhead - is; in the long run ; often minimal. Profits are really generated by investment of funds. Those funds are premiums paid in advance and claims incurred but not yet paid. Often the fund is twice the annual premium. Pricing - an insurer will obviously price a product to make a profit. In classes where there are many insurers, and many insureds - Motor for example - it can be cut throat. In other areas, where there is little competition - prices will be high. A million years ago, I used to underwrite space launch. Rates were 24-28% of the value of the satellite. One launch of a $1b of satellites generated a premium of $240 - $280m USD, and you were on risk for 92 seconds. But I digress. However, insurers are limited to how much premium they can write - either by the amount of shareholder funds they hold, or by the accumulation of risks they have. A motor insurer can get to a limit in an area, that could exceed his limit of loss from a hailstorm. Property insurers can reach limits in bush fire areas, or hail, or earthquake or cyclone. When this happens, they will withdraw from the market or price themselves out of the market. Perhaps this explains why some of the rejections in this thread have occurred. It would be very unlikely that this info would be spread around the company. Re-insurers will also drive behavior. If you cant get reinsurance for hailstorm or cyclone in some areas - you're out of the market. All insurers must have reinsurance catastrophe programs in place in order to hold a license. I used to sit near a little man who job it was to monitor the solvency of the 1,200 reinsurance companies we used around the world. While reinsurance programs can vary enormously, one insurer I worked with held the first $20m of property loss, and re insured the next layer to $800m. When the Newcastle earthquake occurred in 1989 - the reinsurance policy was triggered, and we were then uninsured for the remainder of the year - 2 days - of catastrophe cover. We bought $800m cover for 2 days - $16m premium. Profitability. In one company I worked at, we had 800 staff involved in underwriting, claims and distribution. 100 ran the computer system - 300 in administration and reinsurance. There was no profit generated by those 1,200 staff. There were 5 involved in investments - they had a $2b fund, and generated all the profits. Hope this helps explain why some insurers do some odd things. |
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