Builders Home Warranty Insurance Crisis Worsens
Following on the footsteps of Lumley General's recent announcement to withdraw from the Australian builders home warranty insurance market CGU Insurance has followed suit and signaled its intention to leave the market effective 30 November 2009.
It is estimated that CGU writes about 15 percent of the national home warranty market. MBA Insurance Services is currently working with the remaining insurers to ensure clients and members with current eligibility through CGU are transitioned to an alternative provider with a minimum of fuss and inconvenience.
In the interim CGU will continue to offer the product to existing customers up to the 30 November deadline.