Reinsurance News
IAG
IAG and Suncorp lower BI reserve provisions after court ruling
17th October 2022
Australian insurers IAG and Suncorp have both announced that they have lowered their COVID business interruption (BI) reserve provisions after a recent court ruling on the issue. Last week, the High Court of Australia opted to deny special leave to appeal the judgment of earlier verdicts by the Federal Court ... Read the full article
IAG reports GWP rise of 5.7%, raises perils budget for next year
12th August 2022
The latest results from Australian firm IAG indicate that gross written premiums rose 5.7% between FY 2021 and FY 2022. However, the firm reported that its insurance margin of 7.4% was lower than its expectations. That was because, it wrote in the results, of higher natural perils costing $1,119m against its allowance ... Read the full article
IAG shareholders serve class action over BI disclosure
1st August 2022
Insurance Australia Group Limited (IAG) has confirmed that it has been served with a shareholder representative proceeding over its disclosures regarding COVID business interruption (BI) claims. The company announced that the class action has been filed in the Supreme Court of Victoria on behalf of persons who acquired shares in IAG ... Read the full article
IAG reports rise in net profits
22nd July 2022
Australian insurer IAG is reporting that it saw net profits after tax of $347m in the year ending June 2022. The firm said that the results, which are still subject to finalisation and require Board approval, show a reverse from a $427m loss for the year ending June 2021. The results ... Read the full article
IAG joins the Net-Zero Insurance Alliance
13th July 2022
As part of its overall commitment, IAG, Australia and New Zealand’s largest general insurer, has joined the United Nations convened Net-Zero Insurance Alliance (NZIA). Joining the NZIA supports IAG’s Driving to Zero focus area outlined in its Climate and Disaster Resilience Action Plan. In alignment with the Paris Agreement on Climate Change, ... Read the full article
IAG finalises aggregate reinsurance cover for FY 2023
6th July 2022
Australian insurer IAG has said that it has finalised its aggregate reinsurance cover the financial year ending 30 June 2023. In a statement, the firm said that its FY23 cover provides protection of $350m in excess of $500m, the latter figure up from $400m from last year. Like last year, individual ... Read the full article
No adjustment to IAG’s provision for business interruption losses
23rd March 2022
Australian insurer IAG has said that at this time, there will be no adjustments to its $1.222 billion net provision for potential business interruption claims related to the COVID-19 pandemic. As we reported yesterday, numerous insurers and reinsurers are seeking to contest the verdict of Australia’s pandemic test case and ... Read the full article
IAG receives 24,000 claims for Sydney floods
9th March 2022
IAG has reportedly received around 24,000 claims across its brands for the floods and storms, including approximately 3,500 claims from the widespread flooding which has occurred across Sydney over the last three days. As weather is still affecting the eastern seaboard and given limited access to impacted areas, it is too ... Read the full article
IAG reports dip in profit as nat cat losses hit $681mn for 1H22
14th February 2022
Australian insurer IAG has reported that its insurance profit totalled AUD$282 million for 1H22, compared to $667 million in the prior year period, as the firm was impacted by significant natural perils costs of $681 million. The company reported ... Read the full article
IAG completes $10bn catastrophe reinsurance renewal
6th January 2022
Australian insurer IAG has completed its 2022 catastrophe reinsurance renewal, securing flat gross protection cover at up to $10 billion at a higher cost than last year. The main cover of the $10 billion 2022 calendar year catastrophe reinsurance programme includes one prepaid reinstatement, with IAG retaining the first $250 million ... Read the full article
October storms cause IAG to tap reinsurance, raise FY loss forecast
2nd November 2021
Severe storm and hail activity over the course of October has caused Australian primary insurer IAG to tap its reinsurance coverage and raise its expectation for full-year 2022 catastrophe losses. IAG anticipates that the most recent storm event, which impacted South Australia and Victoria between 27th and 29th October and SE ... Read the full article
IAG falls to AU$427mn net loss in FY21
11th August 2021
Australian insurer IAG has reported a net loss of $427 million for the 12 month period ending June 30 2021, down considerably from the $435 million profit announced in FY20. The company highlights significant one-off corporate expenses mainly relating to business interruption, customer refunds and payroll remediation as having impacted its ... Read the full article
IAG expects a net loss of $427 million for FY21
23rd July 2021
Australian insurer IAG has released its preliminary FY2021 results, which expects a net loss of $427 million with a reported profit of $33 million in H2 2021. For this year, the insurer announced a Net Earned Premium of $7,473 million, with a growth of 1.5% on FY2020. It is also expecting a ... Read the full article
IAG appoints Zurich’s Tim Plant as Chief Insurance, Strategy Officer
21st July 2021
IAG has appointed Tim Plant as Chief Insurance and Strategy Officer, a newly-created role that will see him oversee group governance across underwriting, claims and customer experience. Plant will also be developing the implementation of IAG’s overall business strategy and take over control of the firm’s innovation and ventures activities. He is ... Read the full article
IAG completes FY22 aggregate reinsurance renewal
5th July 2021
Australian insurer IAG has announced the completion of its aggregate reinsurance cover for the fiscal year ending June 30th, 2022, which provides it with $350 million of protection in excess of $400 million. IAG switched its aggregate cover from a calendar to financial year basis in 2020, enhancing its use of ... Read the full article
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