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Australia Post to enter insurance market

Moving beyond the simple stamp, Australia Post has announced plans to enter the insurance market.

As part of a new financial services strategy, Australia Post will move into the car insurance market first, and then home and contents cover will follow.

Australia Post spokesman Alex Twomey says moving into insurance seemed like the most natural progression.

“From today we’ll be offering car insurance, then in a few months’ time we’ll be moving into home and contents insurance and travel insurance as well,” he said.

“It really has been a big success in the UK, for instance, where one in every 200 homes have been insured through the post office, or one in every 50 cars.”

The announcement is set to shake up the insurance industry, posing a significant threat to the dominant players in the market, Insurance Australia Group, owner of NRMA Insurance, and Suncorp with its AAMI and GIO brands. Adding to this is the recent announced that Virgin is set to enter the Australian insurance market with the launch of online service Virgin Insurance.

Australia Post group manager financial and agency services Andrew Wiseman said their insurance offer would be “affordable” but not the cheapest in the market.

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Jessica Stanic

Jessica Stanic

Jessica has a background in both marketing and journalism and is dedicated to making the website the leading online resource for small to medium businesses with ambitions to grow.

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