GIO is a leading provider of insurance products such as; car, home, CTP in NSW and ACT, boat, caravan, travel, commercial, public liability and workers compensation.
GIO Australia was founded as the Government Insurance Office in 1927. It was set up by the Government Insurance Act of New South Wales to provide workers' compensation insurance under the Workers' Compensation Act of 1926 and to take over activities previously carried on by the NSW Treasury Insurance Branch. The Act was amended many times over the years to widen its scope, particularly in 1941 to allow the selling of life insurance.
In 1989 the name GIO Australia was adopted to reflect the business nationwide.
An association was formed in April 1991 with the Home Building Society in Western Australia with GIO Australia's personal and life insurance products being available through 30 Home Building Society outlets.
By 1992, GIO Australia had 92 retail outlets in New South Wales and the ACT, with others in Victoria, Queensland (Brisbane and the Gold Coast) and Western Australia (Perth) selling personal insurance and investment products. Representative offices were opened in Kuala Lumpur, Jakarta, Tokyo and London.
GIO Australia listed on the Australian Stock Exchange in August 1992 following a public and institutional offer.
In January 1999, AMP acquired a majority shareholding (57.47%) in GIO Australia Holdings Limited and GIO became a listed subsidiary of AMP Limited. At that time, GIO had nearly $10 billion in assets under management, a significant customer base and a growing retail market share. By December 2000, the GIO integration was almost complete.
On 1 July 2001, Suncorp acquired AMP's general insurance interests, including GIO General Limited.
On 1 July 2013, as part of an internal re-organisation, the Suncorp Group’s general insurance businesses in Australia were transferred to AAI Limited and now, AAI Limited trading as GIO, issues GIO general insurance products.
You can find out more information on the Suncorp Group by clicking here.
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