Insurance giant IAG has flagged even more premium rises are to come, after reporting a jump in profits.
Sydney-based IAG, behind brands including NRMA and CGU, said its profits had risen to $832 million for the 12 months to June, up from $347 million. The result included a turnaround from losses in investment markets a year ago, and a final six months of relatively benign weather in Australia. But it also suffered hits in New Zealand, where IAG is a major insurer, in the same time following flooding and a cyclone.The company came in just below its guidance with a reported insurance margin of 9.6 per cent. The year had also featured a 10.6 per cent rise to $14.
Insurers across the sector have been jacking up premiums, blaming inflationary pressures in car repairs along with natural disasters forcing rises in their own reinsurance protection costs. IAG predicted the current financial year would see low double-digit growth in GWP and this would “primarily be rate-driven to cover claims inflation, higher reinsurance costs and an increased natural perils allowance”.
Source: News Formal (newsformal.com)
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