GIO, is an Australian general insurance 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 in 1927 to provide workers compensation insurance and adopted the name, GIO. The insurer listed on the

Australian Securities Exchange Australian Securities Exchange Ltd or ASX, is an Australian public company that operates Australia's primary securities exchange, the Australian Securities Exchange (sometimes referred to outside of Australia as, or confused within Australia as ...

in August 1992 and in January 1999 was acquired by AMP. In 2001, Suncorp 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 which made GIO's personal and life insurance products available through 30 Home Building Society outlets. GIO listed on the

in July 1992 following a public and institutional offer. In January 1999, AMP acquired a 57% shareholding. In September 1999, AMP launched a successful takeover bid for the remaining shares. On 1 July 2001, Suncorp 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 The Federal Court of Australia is an Australian superior court of record which has jurisdiction to deal with most civil disputes governed by federal law (with the exception of family law matters), along with some summary (less serious) and indic ...

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 Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury r ...

, compulsory

third-party insurance Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury ...

in New South Wales and the Australian Capital Territory, home and contents insurance, caravan insurance, boat insurance,

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

, travel insurance, business insurance, bird insurance and

worker's compensation insurance Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her emp ...

Case law

High Court of Australia The High Court of Australia is Australia's apex court. It exercises Original jurisdiction, original and appellate jurisdiction on matters specified within Constitution of Australia, Australia's Constitution. The High Court was established fol ...

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. 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 sponsor of Australian Touring Car Championship team Bob Forbes Racing from 1989 until 1993. Since 2014 it has been the naming rights sponsor of Canberra Stadium.Canberra Stadium to be renamed GIO Stadium
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Sydney Morning Herald ''The Sydney Morning Herald'' (''SMH'') is a daily compact newspaper published in Sydney, New South Wales, Australia, and owned by Nine. Founded in 1831 as the ''Sydney Herald'', the ''Herald'' is the oldest continuously published newspaper i ...

'' 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