Insurance Australia Group
ASX:IAGAustralia's largest general insurer. Brands include NRMA, CGU, SGIO, SGIC.
Reported Offshore Headcount
200+
reported 1 Jan 2024 — IAG considers further offshoring — 141+ NZ roles to Philippines via WN...
Estimated % of Workforce
~1.5%
illustrative — not directly reported by the company
Destination Countries
Financial Context
Market Cap
$16.0B
Revenue
$19.5B
Net Profit
$1.0B
Estimated Wage Differential
~$17M/yr
CEO — Nick Hawkins
$5,900,000
76x avg Australian worker
Illustrative wage differential: if the 200+ reported offshore roles were instead employed in Australia at average local rates, the additional cost could be in the order of ~$17M/yr (~1.7% of reported net profit). This is an estimate based on industry averages, not company-specific data.
Would this company be profitable without offshoring?
Every dollar paid offshore leaves the Australian economy — reducing local wages, tax receipts, and economic circulation. Why it matters
Financial data: FY2024. Estimate uses avg AU employment cost of $110,000+/yr (incl. super and on-costs) vs offshore $25,000/yr (salary + on-costs). Actual figures vary by role, seniority, and location.
In Plain English
- In 2024, Insurance Australia Group was reported to have 200+ offshore contractors and staff.
- This represents ~1.5% when compared to its current workforce of 13,000 (illustrative comparison only — not directly reported by the company).
Based on data from public sources at the dates reported. Figures may not reflect current headcount. See sources below for full attribution.
Offshoring Timeline
| Date | Department | Country | Headcount | Confidence |
|---|---|---|---|---|
| 30 Jun 2025 | Back Office | 🇵🇭 Philippines | — | Estimated |
| 30 Jun 2025 | Back Office | 🇻🇳 Vietnam | — | Estimated |
| 30 Jun 2025 | Back Office | 🇮🇳 India | — | Estimated |
| 1 Dec 2025 | Call Centre | 🇵🇭 Philippines | — | Confirmed |
Other Insurance Companies That Offshore
Other companies in insurance with reported offshore operations.
| Company | ASX | Reported Offshore | Offshore Destinations |
|---|---|---|---|
| Suncorp | SUN | 4,500+ | 🇮🇳 India🇵🇭 Philippines |
| QBE | QBE | 2,383+ | 🇵🇭 Philippines |
| Medibank Private | MPL | 56+ | 🇮🇳 India🇵🇭 Philippines |
What Public Sources Say
All information below is sourced from publicly available documents and reporting. Excerpts are direct quotes. Click source links to verify.
“IAG (8.5 million customers) outsources at least part of their contact centre in 2025.”
Additional Sources
This profile is based on publicly available information at the time of publication. It may not reflect current operations and should not be treated as a complete picture. We publish what we can verify — not everything that exists.
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