Nature of Organization and legal identity

IAG (Insurance Australia Group Limited) is a parent company of general Insurance group which have been expanded in Australia, New Zealand, Thailand, and Vietnam, which operates under different brand names in each of the respective countries. For Instance, It operates by the brand name NRMA Insurance, SGIO and SGIC in New South Wales, South Australia, and Western Australia, While operating by the brand name as NZI, STATE Insurance and AMI in New Zeland (About IAG). IAG also has a 26% joint venture with SBI general Insurance Company which is owned by the State Bank of India (SBI), which is India’s largest bank. (IAG (Insurance Australia Group))

Products and Services

IAG is the organization behind some of the most famous, trusted and-and respected Insurance brands existing globally. Since in our research proposal we would be focussing on STATE insurance, as IAG operates as STATE insurance in New Zealand, the range of products offered by State Insurance are Car, Home and Contents Insurance, Travel Insurance , they also offer peace of mind to fellow kiwi citizen for niche products such as Life Insurance, Caravan, Boat, Trailer, Vintage vehicles and Business Insurance. (State Insurance)


Globalization is the term in which multinational companies or organizations would emerge on an international scale, wherein there is exchange and influence of opinions, ideas and other aspects of business development shared globally.


Concentration and centralization processes:

The formation of agreement between insurance and reinsurance companies; fusion of banks, insurance companies, and credit companies to form transnational financial groups; mergers between small and medium insurance companies to form large international insurance companies, IAG collaborated with much small sized insurance companies in 1981, IAG operated as NRMA in new south wales and was considered to be the largest operating home and contents insurance company. in 1998 IAG extended its branches to southern Australia and western Australia acting as SGIO and SGIC. In 2001 IAG acquired state insurance, while in 2005 IAG expanded its insurance markets in Asia, Thailand, and Malaysia. The main idea of their acquisitions was to share the risk and balancing the overall risk it ensures. This way it could lower down the insurance premiums and can make insurances affordable.


Nobody knows what is going to happen in the next few moments. Accidents, illness and getting old are some of the last things that come to our mind. When these things do happen, it is important to have an insurance that can financially protect our home, business and family. GFS recommends to all the customers to have adequate and continuous insurance cover to protect both the property and the risk to the equity that may occur in the event of loss of life and/or income, and/or any illness which requires consultation with a specialist, hospitalization, or surgery. We can assist you in selecting the most appropriate policy to protect you, your family, and your assets. We also help our customers at the time of claim so that their claim can be settled as per their policy terms and conditions quickly

FDI-foreign direct investment

The budget has brought good news for the insurance sector in India which has struggled to flourish and consolidate because of the lack of adequate investments. The insurance sector in India is investment starved. Increasing the composite FDI cap in the sector from 26% to 49% and offering full management control through the Foreign Investment Promotion Board (or FIPB) route will pave the way for the entire sector to expand.

The FIPB is a government body that offers a single window clearance for proposals on FDI in India that aren’t allowed access through the automatic route.

Major U.S. insurance companies already have a good presence in India. Insurance companies like Metlife (MET), Prudential (PUK) and American International Group (AIG) have strategic partnerships or joint ventures with Indian companies. PNB-MetLife is a joint venture between MetLife and India’s Punjab National Bank (or PNB) in majority stake along with other investors. ICICI-Prudential is a 26% to 74% joint venture between Prudential and India’s ICICI Bank (IBN). Tata-AIG General Insurance Company Limited is another such 26% to 74% joint venture between AIG and India’s Tata Group. The move would attract more foreign players to enter the Indian market where the population of the uninsured is over 500 million.

IAG’s main business objective is at the heart of how it views sustainability. The purpose is to help people to manage risk and recover from the hardship of unexpected loss.

IAG’s relationship with their customers is first and foremost about paying claims. In fact, IAG pays out around NZD$700m in claims annually. In doing so the organization is focused on acting promptly, effectively and justly in the face of adversity to help our customers when they need them the most.

However, IAG believes that their relationship with the customers the people extends beyond just paying claims. The value that IAG delivers to their customers includes helping them to reduce risk and avoid unnecessary hardships, keeping insurance available and affordable so that they are protected in their time of need, and anticipating and responding to their changing needs.

IAG gets them back on the road or back to work or replace their goods or assets. This means keeping customers at the heart of their operational decisions

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