The RAC WA offers products including boat, car, caravan and trailer, health, home, life, motorcycle, pet, small business and travel insurance. Credit: Ground Picture/Shutterstock.

Insurance giants Allianz SE and Insurance Australia Group (IAG) have been exploring bids for the insurance division of the Royal Automobile Club of Western Australia (RAC WA), Bloomberg reported, citing undisclosed sources.  

The RAC WA engaged Barrenjoey to conduct a review of its business, according to a report by the Australian Financial Review late last year. 

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A spokesperson said: “RAC is constantly looking for ways to improve our member experience and the services we provide, including insurance,” confirming the ongoing review but declining to comment further on potential bidders.

IAG stated that it regularly explores “growth opportunities and is well-positioned” to pursue them but declined to comment on “market speculation”, according to its spokesperson, while Allianz declined to comment. 

The RAC WA offers products including boat, car, caravan and trailer, health, home, life, motorcycle, pet, small business and travel insurance.

For the financial year ending in June, the group reported an after-tax profit of A$105m ($65.6m) and net assets totalling A$1.13bn. 

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In November 2024, IAG announced plans to acquire 90% of the Royal Automobile Club of Queensland’s insurance underwriting business, with an option for the remaining 10% in two years, along with a 25-year distribution agreement.  

The Australian Competition and Consumer Commission has voiced concerns over the deal, seeking feedback on its potential impact on the insurance market, particularly in personal lines and repair services. 

In December 2024, Allianz Australia partnered with the Royal Automobile Association of South Australia to acquire its general insurance business.  

The deal includes a 20-year distribution agreement for RAA’s home and motor insurance products, expanding Allianz’s consumer insurance presence in South Australia.