IAG to implement new home and contents pricing

Insurance Business America | April 29, 2019

IAG has announced changes to its pricing, meaning homeowners across the country will see their home and contents premiums shift either up or down over the next few months. IAG says that its premiums will take changes in cover offered by the Earthquake Commission (EQC) into account, as well as risks related to natural disasters and severe weather. The EQC will now pay up to $150,000 plus GST per residential home rather than its previous $100,000, however will no longer be offering contents cover – something IAG will continue to provide. IAG is also furthering its risk-based pricing approach and says customers in areas that are “more prone to natural disasters and severe weather events” may see a premium rise, while customers in lower-risk areas will likely pay less. The changes will take effect from July 1, and the insurer says it will work with its customers over the next 12 months to ensure they are fully informed of any changes in premium pricing.

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Spotlight

Organizational change is inevitable. That’s why it’s important to have the right tools in place to guide teams and organizations as they move through different business phases.

American Family Insurance, a U.S.-based insurance company in Madison, WI, with over 13,000 employees, recently faced a challenge to standardize numerous internal systems onto one security platform amidst quite a bit of organizational change. The company needed a tool that could manage and track potential risk and impact, which was impossible to accomplish properly with so many applications and technologies in use internally. After thoroughly reviewing many government, risk, and compliance (GRC) solutions, Onspring’s solution was exactly what the company needed and allowed them to quickly and easily implement a full-scale GRC solution to monitor potential risks.

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