What has been announced?
Westpac Group announced the sale of our General Insurance business to Allianz. The includes a long-term agreement to continue to help Australian customers with their protection needs and we continue to be committed to helping customers protect what they value with high quality insurance products.
What is part of the Westpac General Insurance business?
The sale includes Westpac General Insurance Limited and Westpac General Insurance Services Limited.
Westpac General Insurance Limited issues, underwrites, administers, and handles claims for our Home and Contents Insurance and Landlord Insurance products, including for Westpac, St.George, BankSA, Bank of Melbourne and RAMS, and the general insurance under our Westpac branded Consumer Credit Insurance products.
Am I still covered?
Our agreement with Allianz means we will be able to continue to support our customers with their insurance needs and there is no change to your current insurance policy or any claim that may be in progress as a result of this announcement.
I am currently making a claim, what will happen now?
There will be no change to your in progress claim because of this announcement.
Does this mean Westpac Group is no longer committed to insurance customers?
No. General Insurance remains an important product for many Australians and we will continue to be committed to helping customers cover what they value most through our distribution agreement with Allianz. This means we will still be able to help customers with their general insurance needs through our branches, call centre and online platform.
When will the change take effect?
Customers will see no changes to your existing cover or service experience as a result of this announcement. The transition of Westpac General Insurance to Allianz is not expected to take effect until mid-2021.
What changes will I see?
There will be no change for your current policy as a result of this announcement. You will continue to have the same level of cover and be serviced in the same way.
From mid next year, you may see some changes on the renewal of your existing Home and Contents Insurance, or Landlord Insurance policy, as we look to further enhance our terms and conditions in light of regulatory reform.
How do I make a claim?
In the same way you have always been able to. Speak with a consultant in our Contact Centre on 1300 656 345 24 hours a day, 7 days a week .
How can I check my cover?
In the same way you have always been able to. Speak with a consultant in our Contact Centre on 1300 554 002.
Will I need to reapply for cover?
No. Unless you make a change to your cover, your existing policy will continue as it is until the end of your current period of insurance. Prior to the expiration of your policy, Westpac General Insurance Limited or Allianz may offer to renew your policy. As always, you should check that the policy suits your needs, and that your sum insured is appropriate.
Who is Allianz?
Allianz is a global insurance specialist.
Why has this decision been made?
The Group is simplifying and focussing on its consumer and business banking businesses in Australia and New Zealand.
Allianz is a company Westpac knows well, as we have been distributing Allianz products since 2015. As we have seen through recent bushfires and floods, general insurance is important for so many people and our new extended partnership means we can continue to offer our customers quality insurance cover.