CGU Workers' Compensation Exit

CGU has confirmed that it will leave the Victorian workers’ compensation scheme after 30 years, with one brokerage warning that the “shock” exit could cause significant disruption to employers and injured workers.

CGU’s current contract with WorkSafe Victoria ends on June 30, and the insurer turned down the offer of an extension, putting about 300 jobs under threat.

The four other agents in the scheme are Allianz, EML, Gallagher Bassett and Xchanging.

“After careful consideration, in line with the strategic direction of our business, CGU decided not to accept the two-year extension offer of our existing contract with WorkSafe Victoria,” a spokesman told insuranceNEWS.com.au.

“But as experts we can minimise the disruption for our clients and there has never been a better time for employers to use a consultant.” - Mark Farrugia, Insurance House (Collective Safety Vendor Partner)
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