In November 2024, RACQ announced a new strategic partnership with IAG, one of Australia’s leading general insurers, aimed at enhancing support for Queenslanders with their insurance needs.
This marks an exciting new era for RACQ. The new partnership brings together two organisations deeply aligned to a shared commitment to building more resilient and safer communities and supporting affordable and accessible insurance for all Queenslanders, now and into the future.
This partnership builds on RACQ's impressive 50-year insurance history and leverages the benefits which come from working with a Group of the size and scale of IAG. These benefits include IAG’s technology, innovation and diversification, as well as their experience working with other motoring clubs over many years.
What is changing?
This partnership brings together the best of RACQ and IAG. RACQ is one of the strongest and most trusted brands in the country, with excellent distribution and member services across our store and agency networks and locally based call centre.
By working together, we will strengthen and broaden RACQ Insurance’s proposition, providing members with a wider range of products and leading digital capabilities.
RACQ will continue to support the growth of RACQ Insurance by providing marketing, and sales and distribution, and supporting policy holders through our online channels, in store and via our call centres. IAG will be responsible for underwriting, claims management and product and pricing.
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What does it mean for RACQ Insurance policy holders?RACQ policy holders can be assured that their existing insurance policy remains unchanged, and this partnership will not compromise or cause any delays for policy holders with claims already underway.
RACQ policy holders will also continue to access all the benefits associated with being an RACQ member, including member discounts on everyday household items and the benefits aligned with their membership status.
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What does this mean for all RACQ members?RACQ’s strategic partnership with IAG only relates to the Club’s Insurance business. This transaction does not directly impact RACQ’s other businesses, including Roadside Assistance, RACQ Bank, RACQ Solar and joint venture travel arrangement with Members Travel Group (MTG).
This partnership will enable us to invest in and accelerate our 2032 Strategy which includes developing new products and services that help members with their mobility and home energy needs.
We also recognise the ongoing cost-of-living pressures facing our members and funds from this sale will be used to reduce the price of our Roadside Assistance products. These changes will come into effect once the sale is finalised after the necessary regulatory approvals.
What’s next?
The announcement is subject to regulatory approvals and will take time to finalise. During this time, our focus is on supporting RACQ’s people and members as we progress the change. It continues to be very much business as usual for us.
Commitment to Queensland
RACQ maintains an unwavering commitment to Queensland. This strategic partnership gives us the ability to increase investment to scale the work we do with our communities to create impactful change in helping solve some of Queensland’s biggest challenges in the areas of road safety, community resilience and making mobility more accessible for all Queenslanders.
FAQs
Things to note
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.