SGIC
Encyclopedia
SGIC is an insurance brand of Insurance Australia Group
trading in South Australia
. It was formerly the State Government
Insurance Commission, providing compulsory third party motor vehicle insurance.
SGIC first opened its doors for business on 4 January 1972 with a staff of 24 housed in the third level of Adelaide House at 55 Waymouth Street, Adelaide
. When the Bill to establish SGIC was introduced into the South Australian Parliament the Premier at the time Don Dunstan
declared that SGIC's role was to help keep premiums at reasonable levels, ensure by competition that adequate service was given and make funds available for investment in semi governmental loans important to the development of the State. The first premium income for SGIC came from insuring the car fleet for the South Australian Government $155,026.
SGIC moved to new premises on 24 April 1981 at 211 Victoria Square, Adelaide
.
SGIC grew from a concept in 1971 to become the largest general insurer in South Australia by 1992 selling motor, home, life, commercial and health insurance throughout the state via 19 branches. By 1992 one in four South Australians was a client of SGIC and it employed close to one thousand South Australians.
In the latter half of the 1990s the State Government decided to sell SGIC with the
Company being acquired by SGIO from Western Australia in 1998. In 2000 SGIO was acquired by NRMA who in turn acquired CGU. SGIC and CGU moved to new Building at 80 Flinders Street in 2005.
In moving from a totally state based insurer to being under the umbrella of NRMA who then changed to IAG or Insurance Australia Group meant the assessing resources from South Australia were sent interstate on many occasions to assist when natural disasters hit.
Sydney Hailstorm, Cyclone Larry, Newcastle Floods, Victorian Bushfires 2009, Melbourne and Perth Storm 2010 were all events to which assessing assistance was sent from South Australia.
Many past employees of SGIC have gone on to hold important positions in other major companies and Organizations in Adelaide such as RAA, Allianz, QBE and OPTUS.
Insurance Australia Group
Insurance Australia Group Limited is an Australian publicly-listed company with its shares traded on the Australian Stock Exchange as ....
trading in South Australia
South Australia
South Australia is a state of Australia in the southern central part of the country. It covers some of the most arid parts of the continent; with a total land area of , it is the fourth largest of Australia's six states and two territories.South Australia shares borders with all of the mainland...
. It was formerly the State Government
Government of South Australia
The form of the Government of South Australia is prescribed in its constitution, which dates from 1856, although it has been amended many times since then...
Insurance Commission, providing compulsory third party motor vehicle insurance.
SGIC first opened its doors for business on 4 January 1972 with a staff of 24 housed in the third level of Adelaide House at 55 Waymouth Street, Adelaide
Adelaide
Adelaide is the capital city of South Australia and the fifth-largest city in Australia. Adelaide has an estimated population of more than 1.2 million...
. When the Bill to establish SGIC was introduced into the South Australian Parliament the Premier at the time Don Dunstan
Don Dunstan
Donald Allan "Don" Dunstan, AC, QC was a South Australian politician. He entered politics as the Member for Norwood in 1953, became state Labor leader in 1967, and was Premier of South Australia between June 1967 and April 1968, and again between June 1970 and February 1979.The son of a business...
declared that SGIC's role was to help keep premiums at reasonable levels, ensure by competition that adequate service was given and make funds available for investment in semi governmental loans important to the development of the State. The first premium income for SGIC came from insuring the car fleet for the South Australian Government $155,026.
SGIC moved to new premises on 24 April 1981 at 211 Victoria Square, Adelaide
Victoria Square, Adelaide
Victoria Square is a public square in the South Australian capital of Adelaide. The square is in the centre of the city's grid of one square mile, and was named by the Street Naming Committee on 23 May 1837 after Princess Victoria, heir presumptive of the British throne. Less than a month later the...
.
SGIC grew from a concept in 1971 to become the largest general insurer in South Australia by 1992 selling motor, home, life, commercial and health insurance throughout the state via 19 branches. By 1992 one in four South Australians was a client of SGIC and it employed close to one thousand South Australians.
In the latter half of the 1990s the State Government decided to sell SGIC with the
Company being acquired by SGIO from Western Australia in 1998. In 2000 SGIO was acquired by NRMA who in turn acquired CGU. SGIC and CGU moved to new Building at 80 Flinders Street in 2005.
In moving from a totally state based insurer to being under the umbrella of NRMA who then changed to IAG or Insurance Australia Group meant the assessing resources from South Australia were sent interstate on many occasions to assist when natural disasters hit.
Sydney Hailstorm, Cyclone Larry, Newcastle Floods, Victorian Bushfires 2009, Melbourne and Perth Storm 2010 were all events to which assessing assistance was sent from South Australia.
Many past employees of SGIC have gone on to hold important positions in other major companies and Organizations in Adelaide such as RAA, Allianz, QBE and OPTUS.