RACQ Insurance profits returned to members
Unlike other insurance companies RACQ doesn’t have shareholders to pay dividends to, instead it invests profits into community sponsorships and projects to help improve the lives of its members.
Last financial year RACQ netted $23.1 million in surplus – that’s an extraordinary figure, particularly considering all of that money went back into the Club’s members and the Queensland community.
RACQ remains one of the last few mutual insurers in the country, along with fellow auto clubs RAC in Western Australia and RAA in South Australia.
Significant portions of insurance profits are returned back to members through insurance discounts for roadside assistance members. These savings totalled $68.5 million in the financial year ending June 2016.
Other savings for members with insurance products include access to discounts at more than 1200 locations nation-wide, a $10 rebate on Roadside Assistance for those who hold CTP insurance with RACQ, free maps, discounts on RACQ batteries and RACQ Travel.
Any profits not returned directly to RACQ members are used to benefit the Queensland community. Contributing to the wellbeing and welfare of Queenslanders, wherever they live in the State, is central to RACQ and remains the cornerstone of its community sponsorships.
RACQ provides $5.25 million annually in sponsorship to Queensland’s rescue helicopter network, which flew more than 2,000 mercy missions last year.
The RACQ Foundation has distributed more than $7.2 million to more than 160 community organisations devastated by natural disasters.
Road safety remains at the Club’s core, and insurance profits help to fund free education lessons to the community.
Docudrama, a re-enacted road crash scene used to drive home the need for responsibility behind the wheel, was delivered to 8,212 senior secondary school students in last financial year. More than 20,000 primary school students benefitted from the Streets Ahead program, while more than 6,200 older drivers received a refresher in road rules and the medical requirements for driver licencing as part of the Years Ahead presentations.
Another important community sponsorship funded by Club profits is the RACQ International Women’s Day Fun Run raising vital money for the Mater Chicks in Pink to assist them in their support for women battling breast cancer.
RACQ maintains a strong belief in the virtues of mutuality and the power of the community.