Insurer IAG has completed the consolidation of nine of its general insurance licences into two, in a move aimed at making the business simpler, more efficient, and agile.

The reduction in insurance licences means IAG is now the insurer of all policies issued by CGU Insurance Limited, Swann Insurance, WFI Insurance Limited, IAG Re Australia Limited, Mutual Community General Insurance, CGU-VACC Insurance Limited, and HBF Insurance from Aug. 1.

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The licence consolidation, approved by the Federal Court of Australia on July 20, will free up resources which will be used to further enhance operations and customer service.

The change will not impact the policyholders of the above-listed insurance companies. It will not change the terms of the policies, other than IAG is now the insurer under each transferred policy; nor will it affect claims or how policies operate and are renewed.


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