AAMI
On 1 January 1970, AAMI began their motor vehicles insurance operations. They had incorporated in Victoria as of September 1969. AAMI was established to offer an alternative insurer aside from the government, and those owned by motor clubs.
They were not the first car insurance company; a company called Club Motor Insurance Agency had already granted the first such policy in the 1930s. This was originally intended for members of the RACV in Victoria, the RACT in Tasmania, and the RACQ in Queensland. On 31 December 1969, this agreement ended, and the RACV and RACQ started to arrange their own insurance. This left the RACT the only member of The Club Motor Insurance Agency.
AAMI then took on the form in which it is known today. Club Motor’s syndicate of shareholders, some of whom were the luminaries in the Australian insurance industry, began to use the name Australian Associated Motor Insurers Limited.
Today AAMI has more than 2 million policyholders.
This article contains general advice about car insurance. The author has not taken into account your financial situation or needs and you should consider whether the advice provided is appropriate for your own circumstances before relying on it.
Filed Under: Industry News
