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General insurance business of OnePath General Insurance Pty Limited insurance transferred to Zurich Australian Insurance Limited

1 December 2023

The insurance business of OnePath General Insurance Pty Limited (OnePath General) has today transferred to Zurich Australian Insurance Limited (Zurich).

On 16 November 2023, the Federal Court of Australia confirmed a Scheme to transfer OnePath General’s insurance business to Zurich, under Division 3A, Part III of the Insurance Act 1973 (Cth).

On 1 December 2023, the Scheme transferred OnePath General’s assets and liabilities, including all insurance policies issued by OnePath General, to Zurich. OnePath General has, however, retained assets required to meet regulatory capital requirements.

What does this mean for policyholders?

Policyholders do not need to take any action as a result of the transfer.

Existing OnePath General policies have automatically transferred to Zurich, and insurance cover under OnePath General policies has not changed as a consequence of the transfer. 

For OnePath General policyholders, other than a change to the insurer, there will be no changes to their policy terms and conditions. OnePath General policyholders will continue to experience the same levels of service they have experienced to date.

The OnePath brand will remain in market, continuing a proud heritage of protecting Australians when it comes to their insurance needs.

Any questions about the transfer should be directed to the Zurich Customer Care team:133 667, weekdays between 8:30am and 5:00pm

-ENDS-

Zurich Financial Services Australia is a life insurance, commercial insurance and investments specialist that has been participating in the Australian market since 1920. Since its acquisition of OnePath Life from ANZ in 2019, the company provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands.  Further information about Zurich Financial Services Australia is available at www.zurich.com.au.
 

Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.

Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.

The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.