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 New South Wales (commonly abbreviated as NSW) is a States and territories of Australia, state on the Eastern states of Australia, east coast of :Australia. It borders Queensland to the north, Victoria (state), Victoria to the south, and South ...

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

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

in August 1992 and in January 1999 was acquired by AMP. In 2001,

Suncorp Suncorp Group Limited, known simply as Suncorp, is an Australian finance, insurance and banking corporation based in Brisbane, Queensland, Australia. It was formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Ind ...

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 (WA) is the westernmost state of Australia. It is bounded by the Indian Ocean to the north and west, the Southern Ocean to the south, the Northern Territory to the north-east, and South Australia to the south-east. Western Aust ...

which made GIO's personal and life insurance products available through 30 Home Building Society outlets. It also acquired the State Insurance Office of Victoria in 1992 from the Victorian state government. 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,

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 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 indictable (mo ...

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

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 (ACT), known as the Federal Capital Territory until 1938, is an internal States and territories of Australia, territory of Australia. Canberra, the capital city of Australia, is situated within the territory, an ...

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

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typical ...

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

, business insurance, and worker's compensation insurance.

Case law

High Court of Australia The High Court of Australia is the apex court of the Australian legal system. It exercises original and appellate jurisdiction on matters specified in the Constitution of Australia and supplementary legislation. The High Court was establi ...

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 claim (legal), claims which the insurer is law, legally required to pay. In exchange for an initial ...

. 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 where a corporation, person, or other entity purchases the right to name a facility, object, location, program, or event (most often sports venues), typical ...

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 troph ...

team Bob Forbes Racing from 1989 until 1993. Since 2014 it has been the naming rights sponsor of

Canberra Stadium Canberra Stadium, commercially known as GIO Stadium Canberra, 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 sp ...

.Canberra Stadium to be renamed GIO Stadium
''

Sydney Morning Herald ''The Sydney Morning Herald'' (''SMH'') is a daily tabloid newspaper published in Sydney, Australia, and owned by Nine Entertainment. Founded in 1831 as the ''Sydney Herald'', the ''Herald'' is the oldest continuously published newspaper in ...

'' 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