Company: Insurance Australia Group Ltd
Brand value: US$396 million
Change since 2018: -16%
Headquarter city: Melbourne
Year formed: 1903
The Royal Automobile Club of Victoria (RACV) offers a range of insurance products spanning business and home, travel, motor boats and marine, caravans, and classic and vintage cars. RACV is a strong performer in industry surveys on customer satisfaction, and in 2018 independent research showed RACV customers to be among the most loyal in the category, with almost 83 percent saying they renewed without approaching another insurer. That was, however, before a technical problem later in the year led to customers mistakenly having up to AU$50,000 taken from their bank accounts when automated payment requests were repeatedly made – up to as many as 188 times – some angry customers reported. A recent campaign for its pet insurance products saw RACV partner with four acclaimed artists to create animal injury costumes in advertisements that urged pet owners to insure against their furry friends’ overconfidence.