Aldi Australia launches ‘global first’ for budget supermarket

The budget supermarket has announced a new product designed to help struggling Aussies which is a global first for the retailer.

Aldi has just announced a “global first” for the supermarket is launching in Australia.

The German retailer, known for its low prices, is expanding its offering with Aldi Insurance.

The supermarket said Aldi Insurance provides shoppers everyday financial products, such as Comprehensive Car and Home and Contents Insurance, with the same competitive quality and price as its “Good Different” grocery offerings.

Group Director at Aldi Australia, Rodney Balech, said it was important to offer Australians “value” during the current cost-of-living crisis.

“Aldi is synonymous with delivering Australians high quality groceries at exceptionally low prices and we are excited to bring our ‘Good Different’ model to insurance at a time when so many Australians are craving better value from their services,” he told news.com.au.

“Aldi Insurance offers Australians a new way to protect their homes, contents and cars which is clear and straightforward.”

Group Director at Aldi Australia, Rodney Balech, said Aldi Insurance will offer Australians ‘value’ during the current cost-of-living crisis. Picture: Supplied

Aldi said all shoppers would be treated the same under its insurance product, claiming it will differ from other policies that encourage consumers to jump around by rewarding only new customers.

“Customers getting stung by increasing premiums simply because they didn’t shop around is a trope of traditional insurance,” Mr Balech explained.

“Aldi’s insurance philosophy, like its grocery offering, is a high quality product at the best possible price point, for every single customer whether they are a long-term Aldi Insurance customer or brand new.”

The retailer has also claimed there will be “no confusing jargon or hidden exclusions” in policies, adding quotes can be completed in as little as three minutes.

The new financial products are a ‘global first’ for budget supermarket. Picture: Supplied

Aldi has partnered with Honey Insurance and RACQ Insurance to offer its new range of financial products, stating the backing from “well-established and trusted partners creates the highest quality and straightforward insurance” for its customers.

“Just like our grocery offering, we won’t be engaging in one-off rewards or conditional discounts, we want to bring to the insurance market what we have successfully delivered in our grocery operations – a trusted, high quality product, with Aussie insurance partners that delivers every day competitive prices for customers,” Mr Balech said.

“We are proud to bring simplicity into the traditionally complex insurance industry.”

The move, a first globally for Aldi supermarkets, comes after the Australian Bureau of Statistics (ABS) revealed premiums for home and motor insurance increased by an average of 16.2 per cent in 2023.

“Higher insurance premiums across house, home contents and motor vehicles contributed to the increase in living costs for all household types over the year,” ABS head of prices statistics Michelle Marquardt said.

Along with rising insurance premiums, the profits at Australia’s largest insurance companies have also skyrocketed, leading to questions about whether they are price gouging.