On June 1st ANZ’s life and consumer credit insurance business (OnePath Life) was formally acquired by Zurich Australia.
This sees the creation of one of Australia’s largest life insurers, with a combined Australian heritage of more than 200 years, serving more than two million customers and paying more than $1 billion per annum in claims.
The Zurich Group is specialist global insurer employing more than 54,000 people in 210 countries and territories around the world.
The OnePath Life brand, products and services are highly respected, and Zurich has confirmed its intention to keep the OnePath Life brand and products operating in the market, alongside Zurich’s own offering.
Since this change was first announced more than a year ago we have received many questions from customers, in particular from OnePath Life policy holders. Below you will find some of the most frequently asked ones along with answers.
Frequently Asked Questions
Who is Zurich?
Zurich Financial Services Australia Limited (Zurich) is part of the worldwide Zurich Insurance Group, a global insurance specialist founded in 1872 and employing more than 54,000 people in 210 countries and territories. Our Australian heritage dates back to 1920.
Our global strength gives our customers the peace of mind that we will be there for them when it matters the most – at claim time.
Why did Zurich acquire OnePath Life?
Acquiring OnePath Life continues their record of strong growth and underscores their commitment to being one of Australia’s leading life insurers.
Building on this existing strength will allow our new combined business to invest in new ways to make life insurance more relevant, more engaging and more accessible to Australians.
Is Zurich financially strong?
Zurich is part of a financially strong global insurance Group. Our ultimate parent company, Zurich Insurance Group Ltd is listed on the Swiss Stock exchange and has a market value of more than AU$50 billion. The Group is financially very strong, giving customers the confidence we will be there when we are needed.
Will there be any changes to my policy?
Neither your policy benefits nor premiums will change as a result of this transaction.
Do I need to do anything as a result of this proposal?
No action is needed by customers or financial advisers.
What about applications and claims already underway?
All processes and contact details will remain the same.
Applications for new policies and the processing of claims will continue to be handled in the same way – and by the same teams – as they are now. You don’t need to do anything extra. OnePath Life and Zurich customers will continue to experience the same exceptional levels of service they are accustomed to.
Do I need to change any payment details for my policy?
No. You do not need to do anything as a result of this change.
Will my policy be managed overseas?
No. Under the Australian Life Insurance Act, all policyholder funds are managed in Australia in Statutory Funds under the supervision of the Australian Prudential Regulation Authority (APRA). This is no different to the way your policy has been managed up to now.
Who can I discuss my OnePath Life policy with?
In the first instance, your adviser is available to discuss any aspect of your policy. OnePath Life customers with queries about their policies can also speak to a OnePath consultant on 133 667.
Where are your offices?
Our registered Australian Head Office is North Sydney, NSW, and we have an office presence in all mainland capital cities. All our contact details can be found here.