GIO
The Government Insurance Office was founded in 1927, and is also known as GIO. When workers compensation insurance was needed under the Workers’ Compensation Act of 1926, the Government Insurance Act of New South Wales set up GIO.
The Act has been revised several times over the years, and in 1941 revisions allowed the selling of life insurance. The new company then handled actions that had previously been managed by the NSW Treasury Insurance Branch.
92 outlets in New South Wales and the ACT were in operation for GIO Australia. There were others in Queensland, (Brisbane and the Gold Coast) Victoria, and Western Australia (Perth) to sell investment products and personal insurance. London, Tokyo, Kuala Lumpur, and Jakarta also opened offices.
The Australian Stock Exchange listed GIO Australia after an institutional and public offer, in 1992.
GIO became a subsidiary of AMP limited in January 1999 when AMP obtained a majority of the company’s stock. At that time, GIO was worth nearly $10 billion in managed assets. The assimilation of GIO was mostly finished as of December 2000.
Suncorp Metway LTD later acquired AMP’s general insurance business, and GIO was part of this acquisition. Suncorp became one of the larger motor insurers in Australia.
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
