CGU Insurance is a well-established Australian insurer that offers a wide range of insurance products to individuals and businesses.
CGU Insurance has a long history dating back to 1886.
CGU Insurance offers a variety of insurance products, including home and contents insurance, car insurance, and business insurance.
CGU Insurance has a network of over 800 branches and agencies across Australia.
North Queensland Flood Recovery
CGU Insurance has been working closely with affected communities to support their recovery efforts.
As of March 2022, over 10,000 claims had been lodged in North Queensland due to the floods, with many more expected.
CGU's claims team has been working around the clock to process these claims as quickly as possible.
The floods caused an estimated $1.5 billion in damages, with many homes and businesses severely affected.
CGU has been providing support to its policyholders through a range of initiatives, including financial assistance and access to mental health services.
The insurance company has also been working with local authorities and community groups to help with the recovery efforts.
CGU's commitment to supporting its customers and the wider community during this difficult time is a testament to the company's values.
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Customer Feedback
CGU Insurance has a reputation for being a professional and helpful insurance company. They have a comprehensive cover that provides peace of mind for their customers.
Many customers have praised CGU's claims process, with one customer noting that their claim was handled professionally and efficiently. Another customer was happy with the service they received from CGU, stating that they were emailed the claims form, filled it out, and had approval to purchase a replacement TV within weeks.
Some customers have mentioned that CGU's standard policies are great for what they cover, but may lack in their claims department. One customer had a long wait time for their claim to be processed, taking 9 months before being paid out.
Despite some minor drawbacks, many customers highly recommend CGU Insurance for their comprehensive cover and professional service. One customer stated that they were "very happy" with the service they received, while another customer praised CGU's staff for being "happy to discuss your problems or claims or situations and help solve things to your satisfaction."
Customer Ratings:
Overall, CGU Insurance seems to be a reliable and trustworthy option for customers looking for comprehensive cover and professional service.
Compliance Issues
CGU Insurance has policies and procedures in place to prevent compliance issues, but in this case, they were ignored for two years.
CGU accepted liability for defects in the rectification works done by Bay Building, but refused to supply mandatory building permits and documents.
A site supervisor lived 3.5 hours away, making it a 7 hour round trip, and quit the job, leaving the property with no handover, no keys, no compliance certificates, and no safety certificates.
CGU eventually refused to fix the issues, despite their solicitors agreeing they were responsible.
CGU's decision to allow non-compliant building works put people's lives and safety in danger, which is unacceptable.
CGU's solicitors acknowledged that the surveyor appointed erroneously granted certificates and approved the works, and that the engineer from Structural Studio also made mistakes.
The contractor's errors were unfortunate, and CGU apologized for the loss and inconvenience caused, but this apology came too late to prevent the damage.
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Delayed Outcomes
CGU insurance can take a long time to process claims, as evidenced by a claim that started 7 months ago with no resolution.
This can be frustrating for policyholders who are waiting for a decision.
A customer's claim for $6k was still pending after 7 months, with no outcome.
They had to chase the insurance company repeatedly for updates, only to be told that they needed more information.
Even a 24/7 number couldn't provide a resolution, with the claims team unavailable until Monday.
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Frequently Asked Questions
Is CGU closing down?
No, CGU is not closing down. They will continue to sell insurance nationally and in Victoria, and also offer insurance through partners and brokers.
Who took over CGU?
IAG acquired CGU in 2003, taking over its operations in Australia and New Zealand. This acquisition included Swann Insurance and Zurich Insurance's NSW workers' compensation business.
Who underwrites CGU insurance?
CGU insurance is underwritten by IAG, Australia and New Zealand's largest general insurer. IAG has a significant presence in Asia, offering a strong foundation for CGU's insurance products.
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