Reinsurance News
IAG
IAG maintains FY26 insurance profit target despite RACQI impact
12th February 2026
IAG has reported net profit after tax for H1 of the 2026 financial year of AU$505m, down from AU$778m in the same period of 2025. The result was impacted by the one-off RACQI impact of AU$174m from severe seasonal weather immediately following the acquisition, and before the business was integrated into ... Read the full article
IAG integrates RACQI into 2026 catastrophe reinsurance program
6th January 2026
Australian insurer IAG has successfully placed its 2026 catastrophe reinsurance program, integrating RACQ Insurance (RACQI) into its main catastrophe cover, whole-of-account quota share (WAQS) arrangements and aggregate stop-loss protection. Readers may recall that IAG upgraded its FY 2026 guidance following the successful acquisition of RACQI on 1 September 2025. For 2026, ... Read the full article
ACCC opposes IAG’s acquisition of RAC WA’s insurance arm
11th December 2025
The Australian Competition and Consumer Commission (ACCC) has announced its opposition to Insurance Australia Group Limited’s (IAG) proposed acquisition of RAC Insurance Pty Limited (RACI) from the Royal Automobile Club of Western Australia Inc, citing concerns that the deal would likely lead to a substantial reduction in competition in the ... Read the full article
IAG receives 10,000+ claims from recent severe weather events
10th November 2025
There have recently been several significant weather events across Queensland, New South Wales, and Victoria, with Australian insurer IAG receiving over 10,000 claims—primarily related to motor and property hail damage—while its strong reinsurance protections have helped limit the financial impact. Commenting on the recent weather events, Nick Hawkins, Managing Director and ... Read the full article
IAG raises FY26 guidance following RACQ Insurance acquisition
23rd October 2025
Australian insurer IAG has upgraded its FY26 guidance following the successful acquisition of the Royal Automobile Club of Queensland’s (RACQ) insurance business. IAG now expects FY26 gross written premium (GWP) growth of around 10%, up from its previous low-to-mid single-digit range, reflecting the inclusion of RACQ Insurance (RACQI) from 1st September ... Read the full article
IAG’s net profit rises 51.3% to A$1.4bn in FY’25
13th August 2025
Australian insurer IAG has reported a net profit after tax of A$1.4 billion for the full 2025 financial year, a 51.3% increase compared to A$898 million in FY24. The company attributed the rise in net profit to higher net earned premiums, increased insurance profit, stronger investment income on shareholders’ funds, and ... Read the full article
IAG’s FY’25 natural peril costs come in below budget at ~$1.1bn
2nd July 2025
Insurance Australia Group (IAG) has reported estimated natural perils costs for the financial year 2025 of approximately $1.08 billion, which is $200 million lower than its allowance for the period. Ahead of its FY’25 results, which will be announced on August 13th, 2025, the insurer reported that the costs include over ... Read the full article
IAG posts 91% surge in net profit to A$778m in H1’25
13th February 2025
Australian insurer IAG has reported a net profit after tax of A$778 million for the first half of the 2025 financial year, a significant 91% increase from A$407 million in the same period last year. IAG noted that this increase was largely driven by a A$140 million post-tax release from the ... Read the full article
Allianz, IAG considering bid for Western Australia’s top insurer: Bloomberg
6th February 2025
Allianz and Insurance Australia Group (IAG) are considering bids for the insurance division of the Royal Automobile Club of Western Australia (RAC), according to a recent Bloomberg article. A spokesperson for RAC confirmed the review, stating the organisation is always looking to enhance its member experience and services, including insurance, but ... Read the full article
IAG to release A$200m of COVID-19 business interruption provision
3rd February 2025
Following a Federal Court case management hearing on December 5, 2024, regarding the class action filed against its subsidiary, Insurance Australia Limited (IAL), IAG has announced plans to release A$200 million from its A$380 million COVID-19 business interruption provision. The Federal Court of Australia’s case management hearing also ordered that the ... Read the full article
IAG shrinks reinsurance program slightly for 2025
7th January 2025
Australian insurer IAG has successfully placed its catastrophe reinsurance program for 2025, purchasing slightly less protection than in 2024. The program includes a main catastrophe cover for two events up to $10 billion and an unchanged attachment at $500 million. Notably, aggregate, drop-down, and subsequent event covers are gone compared ... Read the full article
IAG to acquire 90% of RACQ’s insurance underwriting business
28th November 2024
Australian insurer IAG is to acquire 90% of RACQ’s existing insurance underwriting business for $855m, under a 25-year exclusive partnership between the two companies. According to the announcement, IAG also has the option to acquire the remaining 10% in two years on similar terms. RACQ Chief Executive Officer David Carter said: RACQ ... Read the full article
Enstar completes ADC agreement with IAG for long-tail reserves coverage
29th August 2024
Enstar has completed a transaction between its wholly-owned subsidiary, Cavello Bay Reinsurance Limited, and Insurance Australia Limited, on behalf of IAG, to provide adverse development cover (ADC) for IAG’s long-tail reserves. IAG announced this transaction in June 2024, alongside a five-year natural perils reinsurance agreement with National Indemnity Company and ... Read the full article
IAG FY24 net profit growth driven by net premiums increase among other factors
21st August 2024
Australian insurer IAG has announced its 2024 full-year results, reporting a net profit after tax of $898 million, up 7.9% on 2023 which saw $832 million in profits. According to the firm, this increase was driven by an 11% rise in net earned premiums, to $9,244 million, an improvement in the ... Read the full article
IAG reduces earnings volatility with long-term reinsurance agreements
28th June 2024
IAG has purchased reinsurance protection to mitigate natural perils volatility for the next five years, alongside securing adverse development cover for its long-tail reserves from Enstar. IAG has entered into a comprehensive five-year natural perils reinsurance agreement starting from July 2024 with National Indemnity Company, a subsidiary of Berkshire Hathaway Inc ... Read the full article
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