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Important notices

CGU Biosecurity Act Upgrade

  • What's happening

    We are amending our Business Pack, Office Pack and Motor Trades products to update reference from the Quarantine Act 1908 to the Biosecurity Act 2015. The implementation will include updates to customer policy documents by Supplementary Product Disclosure Statement (SPDS)/endorsement at Quote, New Business and Renewal. New Product Disclosure Statements (PDS)/Policies incorporating this change will be issued by April 2021. This change will not impact how we manage claims and is only updating the reference to the current Act.

    When is this happening?

    • Quotes and New Business: from 6th September 2020
    • Renewals: from 17th October 2020
    • Mid Term Endorsements: terms will be amended where appropriate

    Where can I view details of this change?

    • It will automatically be applied to Quotes, New Businesses and Renewals on the dates mentioned above. It will be applied as an SPDS/endorsement on the Certificate of Insurance/Schedule.
    • You will also be able to download this where you normally get your PDS/SPDS or Policy/endorsements on the CGU Broker Portal by 17 October 2020.

    If you would like more information, please call your CGU Underwriter or Account Partner

    Date published - 19/02/2021

CGU Countrypak Pricing Update

  • Countrypak pricing changes

    As a business, CGU regularly reviews its portfolio to ensure its policies are fit for purpose and continue to be appropriately priced to reflect the risks faced by our customers.

    We write to advise you of upcoming rating changes to Domestic Building and Contents (Section 1) and Farm Property (Section 2) of our Countrypak product.

    What is changing?

    Customers with CGU Countrypak Insurance will begin to see increases in their annual premiums for renewals from 27 February 2021. Renewal invitations for these policies will be available 6 weeks prior to renewal date, in line with our usual business practice.

    Why are these rates increasing?

    There are multiple reasons for these changes, including:

    • Updates to our technical pricing platform, which enables us to assess risk more accurately at a postcode level
    • Increased frequency and severity of natural peril events
    • Increased average claims cost and expenses
    • Adjustments based on customer claims experience – including unprofitable policies with consistent high loss-ratios

    What does this mean for customers?

    • Each customer will see a different increase based on their risk profile.
    • For majority of our Countrypak customers, the increase will be between 0-20% of the annual premium.
    • Customers located in drought-declared postcodes will continue to have annual premium increases capped at 20%.

    Does the Drought Assistance Package still apply?

    We offered our Drought Assistance Package from Nov 2018 until Nov 2020 and are still offering a reduced premium to drought impacted areas through the application of capping for impacted policies.

    CGU also continues to offer its COVID-19 customer support measures to small business customers impacted by the pandemic (the current measures have been extended until 31 March 2021) – for more information go to:

    We continue to help customers who are experiencing financial hardship through the IAG Vulnerability Support model. This includes several different options aimed at helping customers experiencing financial hardship and domestic violence.

    Can I get more information about the impact to policies I manage?

    Please contact your CGU Account Partner who will be able to provide you with more information on the policies you place with CGU.

    Date published - 19/02/2021

Pandemic and Cyber Endorsements

  • What's happening

    2020 had a significant impact on our industry and created the need for us to review our position on a number of topics to help better manage our risk and align to our Reinsurance Treaty.

    Following the review, we will be implementing changes to CGU products, for both New Business and Renewals, to clarify our position on the following topics:

    1. Communicable Diseases – We are amending all products to exclude Communicable Disease. However, the exclusion has two different applications:

    1. 1. a Pandemic exclusion for Casualty Classes (including in packaged products); and
    2. 2. a Communicable Diseases exclusion for all other Classes.

    2. Silent Cyber - We are amending the majority of products to include a Cyber exclusion.

    When is this happening?

    We are implementing these policy updates from March 2021 in multiple phases commencing with SME, Professional Lines, Liability and Construction & Engineering. Agri, Commercial Motor and Fleet will follow at a later date.

    Note: ISR updates were originally implemented in November 2020. A further refinement will occur in March 2021.

    Where can I view more details of this change?

    The Silent Cyber and Communicable Diseases amendments will cover all CGU products in line with our Reinsurance Treaty. These changes will automatically be applied to Quotes, New Business and Renewals in phases from 31 March 2021 onwards. They will be issued as a Supplementary Product Disclosure Statement (SPDS) or endorsement as required by each product line.

    1. Communicable Diseases

    This is a general exclusion which applies to all SME, ISR, Construction & Engineering policies, with the exception of the Liability section (where offered). This exclusion encompasses not only pandemic losses but also excludes transmissible diseases including viruses, bacteria, parasites, and other organisms. This is being made as a general exclusion to reflect our Reinsurance Treaty and for clarity that the only cover for infectious disease is under the specific infectious disease provision where offered under the Business Interruption section. The exclusion includes a write back for physical damage to insured property caused by certain specified events (i.e. we still provide storm cover for insured premises even if the premises are closed due to an outbreak of a Communicable Disease on site). As part of implementation of the Communicable Diseases exclusion we have amended our Infectious Diseases extensions within the Business Interruption sections of our policies to operate with this exclusion and reflect overall policy intent. There is a reduction in cover previously provided with key points being:

    1. 1. The only diseases we provide cover for are influenza (but not Highly Pathogenic Avian Influenza or influenza that has pandemic potential), gastroenteritis/norovirus/rotavirus or legionnaires disease
    2. 2. The overall closure by public authority extension will be subject to a maximum limit of $250K
    3. 3. A 48-hour time excess will be standard across the clause
    4. 4. We will not be liable for associated clean-up costs

    The definition of Premises impacted by closure following an outbreak of a covered disease is limited to the insured situation directly owned, leased, or controlled by the insured only and there is no radius extension.

    Addition of a Pandemic Exclusion on our Casualty Classes - this excludes any cover for liability as a result of a listed human disease under the Biosecurity Act or a public health emergency declared by the WHO or a pandemic or epidemic declared by the WHO or Australian Government. This aligns to our liability Treaty renewal. Presently we apply an endorsement on certain occupations to exclude some diseases under the liability policy.

    2. Silent Cyber

    Whilst the majority of our products do not respond to a cyber event, to clarify our intent in cover and to meet our Reinsurance Treaty requirements, we are specifically excluding loss due to a cyber event.

    If you would like more information, please contact the relevant Underwriting Team or your Account Partner.

    Date published - 22/02/2021

Minimum Premium Refunds

  • What's happening


    To satisfy Regulatory and Compliance requirements we are contacting brokers of impacted policies to advise that a Supplementary Product Disclosure Statement (SPDS) outlining a change to how minimum premiums are applied will be issued via a cover letter and SPDS.

    This mail-out is a one-off initiative to ensure that certain customers are informed about the application of minimum premiums and how this may impact the premium charged.

    In addition, CGU is conducting a review of these identified policies to determine if any further action is required. Once the review is completed, we will make contact if any further action is necessary.

    Policies incepted within this period have been identified to receive an SPDS:

    • Home, Motor and Landlord effective 15th Aug – 25th Sep 2020
    • Commercial and Farm Motor effective 15th Aug – 25th Sep 2020

    Frequently Asked Questions

    Why is this SPDS issued?
    Our Product Disclosure Statements (PDS) aim to provide customers with information about the features, benefits, terms, conditions, limits and exclusions of the policies we sell. A system change has been applied to remove the application of minimum premiums however this will come into effect after the effective date of these policies. This means that polices incepted during the 6-week period above may have minimum premiums applied to their policies in circumstances where it was not disclosed in the current PDS. We are issuing this SPDS to ensure that these customers are informed about the application of minimum premiums and how this may impact the premium charged at renewal.

    Has this issue been fixed?
    Yes, we have implemented a temporary system change that removes the application of minimum premiums, therefore only policies incepted within the period above are identified to require an SPDS.

    In addition, CGU is conducting a review of these identified policies to determine if any further action is required. Once the review is completed, we will make contact if any further action is necessary.

    We are also reviewing our longer-term approach of how we may apply minimum premiums in the future and will communicate any changes to you.

    Have all policies for the products above been impacted?
    Not all policies have been impacted by the application of minimum premiums however we are sending the mail-out to all policies within the 6-week period above.

    What are minimum premiums and why are these applied?
    Premiums can be affected by many factors, such as inflation, tax and risk. To ensure that CGU can continue to offer you sustainable products in the long term, we apply minimum premium amounts to each policy. The minimum premium amount ensures that our business costs are covered. How will we receive the SPDS? In the coming days, you will receive a letter from CGU attaching the SPDS for each impacted customer placed by you during this period. This SPDS (a copy of which is attached to this communication for your information) will need to be provided to the customer.

    How do I get more information about this matter?
    Please contact your CGU Account Partner to discuss any further questions or concerns you have.

    Date published - 22/02/2021