Profile - RACQ
Parent Company: Insurance Australia Group, Ltd
Brand Value: 445
Headquarter City: Queensland
Year Formed: 1905
The Royal Automobile Club of Queensland (RACQ) began when 18 of Brisbane’s first 50 drivers formed the club to advocate for early motorists. It’s first legislative success was to effect the law preventing motorists from being pelted by stones by those fearing technological progress and a loss of horse and carriage transport. Today, RACQ is Queensland’s largest “mutual” providing roadside assistance, travel, finance and insurance to its 1.6 million members representing nearly two-thirds of Queensland’s households. It is also one of the largest insurance providers in Queensland. Its recent acquisition of QT Mutual Bank portends to be a strategic success allowing RACQ to offer its members banking services. Over 35,000 QT Mutual banking customers were already RACQ members. The acquisition gives the company over AU$4.2 billion in assets to leverage with its membership. An iconic “must have” in Queensland have afforded their members benefit savings of over AU$78 million.