For the first time in its 112-year history RACQ will underwrite a product outside of their home state.
The Queensland firm will begin underwriting pet insurance for fellow insurer RAC in Western Australia, it has been announced.
The mutual will begin underwriting the product from July 3, with all underwriting and pricing work done in Queensland, alongside all claims management.
John Myler, CEO of RACQ Insurance, said that the move will benefit members of the mutual.
“As a mutual organisation any profits we make from this product will be reinvested in our members and the Queensland community,” Myler said.
RACQ began offering pet insurance in October 2015 and has more than 7,300 policyholders in Queensland.
The firm also announced that later this year, it will expand further thanks to a banking deal with QT Mutual Bank to establish a customer-owned banking entity to join its existing portfolio in insurance, assistance and lifestyle operations.
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