GIO, is an Australian

general insurance General insurance or non-life insurance policy, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determine ...

provider. It 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 ) , nickname = , image_map = New South Wales in Australia.svg , map_caption = Location of New South Wales in AustraliaCoordinates: , subdivision_type = Country , subdivision_name = Australia , established_title = Before federation , es ...

in 1927 to provide workers compensation insurance and adopted the name, GIO. The insurer listed on the Australian Securities Exchange in August 1992 and in January 1999 was acquired by

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. In 2001,

Suncorp Suncorp Group Limited is an Australian finance, insurance, and banking corporation based in Brisbane, Queensland, Australia. It is one of Australia's mid-size banks (by combined lending and deposits) and its largest general insurance group, fo ...

acquired GIO as part of AMP's general insurance interests.

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 Western Australia (commonly abbreviated as WA) is a state of Australia occupying the western percent of the land area of Australia excluding external territories. It is bounded by the Indian Ocean to the north and west, the Southern Ocean to th ...

which made GIO's personal and life insurance products available through 30 Home Building Society outlets. GIO listed on the Australian Securities Exchange in July 1992 following a public and institutional offer. In January 1999,

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acquired a 57% shareholding. In September 1999, AMP launched a successful takeover bid for the remaining shares. On 1 July 2001,

acquired AMP's Australian general insurance interests, including GIO. On acquisition, the Suncorp'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 of Australia approved internal re-organisation, the Suncorp'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 offers the following products and services: motor vehicle insurance, compulsory third-party insurance in New South Wales and the

Australian Capital Territory The Australian Capital Territory (commonly abbreviated as ACT), known as the Federal Capital Territory (FCT) until 1938, is a landlocked federal territory of Australia containing the national capital Canberra and some surrounding townships. I ...

, home and contents insurance, caravan insurance, boat insurance, life insurance,

travel insurance Travel insurance is an insurance product for covering unforeseen losses incurred while travelling, either internationally or domestically. Basic policies generally only cover emergency medical expenses while overseas, while comprehensive policies ...

business insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

, bird insurance and worker's compensation insurance.

Case law

A High Court of Australia decision of 1965, in the case of Government Insurance Office of NSW v RJ Green and Lloyd Pty Ltd (1965), discussed the meaning of the words "arising out of", when these words are used in an

insurance policy In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known a ...

. The insurance policy in this case included provision for The Court held that "arising out of" allowed for wider and less immediate interpretation of responsibility than the words "caused by".

Sponsorships

GIO was

naming rights Naming rights are a financial transaction and form of advertising or memorialization whereby a corporation, person, or other entity purchases the right to name a facility, object, location, program, or event, typically for a defined period of t ...

sponsor of

Australian Touring Car Championship The Australian Touring Car Championship (ATCC) is a touring car racing award held in Australia since 1960. The series itself is no longer contested, but the title lives on, with the winner of the Repco Supercars Championship awarded the trophy ...

team

Bob Forbes Racing Bob Forbes Racing was an Australian motor racing team that competed in the Australian Touring Car Championship between 1988 and 1993. History Bob Forbes Racing was founded in 1988 by former Australian touring car competitor Bob Forbes. A part ...

from 1989 until 1993. Since 2014 it has been the naming rights sponsor of

Canberra Stadium Canberra Stadium (GIO Stadium for commercial reasons) is a facility primarily used for rugby league and rugby union games, located adjacent to the Australian Institute of Sport in Canberra, the capital of Australia. It is the largest sports ven ...

.Canberra Stadium to be renamed GIO Stadium
'' Sydney Morning Herald'' 24 October 2013

References

{{Authority control Companies formerly listed on the Australian Securities Exchange Financial services companies established in 1927 Former government-owned companies of New South Wales Insurance companies of Australia 1927 establishments in Australia