ICA flood loss estimate rises above A$1bnThe Insurance Council of Australia (ICA)’s estimate of insured losses from the ongoing East Coast flood event has now risen above A$1bn ($736mn).
IAG insurance profit falls 57% on A$681mn cat hit in H1 ‘22Australian insurer IAG reported profit of A$282mn ($200mn) within its insurance division in the first half of its fiscal year, as the firm was impacted by significant natural peril costs of A$681mn.
IAG maintains A$10bn cat program with “mid-single digit” increase in cost of coverIAG said it had seen a “mid-single digit” increase in the cost of its catastrophe reinsurance program for the 2022 calendar year, which has been renewed on similar terms to 2021.
IAG CEO Hawkins named ICA presidentIAG managing director and CEO Nick Hawkins has been named president of the Insurance Council of Australia.
IAG to add one million customers by 2026; reaffirms 2022 guidanceAustralian carrier IAG has reaffirmed its guidance for fiscal 2022 and outlined plans to add one million customers in the next five years.
IAG shares slump as October storms push FY22 nat cat forecast to A$1bn+Australian carrier IAG has pegged its net exposure to last month’s hail and wind event in Victoria at A$169m ($126mn) – the maximum retention for a first loss under its catastrophe program – as it increases its full year 2022 net natural perils claim costs to A$1.045bn.
IAG sued by Australian regulator over failing to apply discountsIAG has apologised for an “unacceptable” failure following the Australian Securities and Investments Commission (ASIC) commencing civil penalty proceedings against the insurer for stating that customers were eligible for certain discounts on renewal of their home and motor insurance policies and then failing to apply those discounts.
IAG and Suncorp maintain BI provisions despite insurers’ Covid-19 victory in AustraliaAustralian insurers IAG and Suncorp have warned it is too early to provide updated guidance on pandemic-related business interruption claims after the Federal Court upheld insurers’ arguments in eight of nine matters in a Covid-19 test case.
IAG increases 2022 natural perils allowance following FY lossNatural catastrophe losses did not trigger any reinsurance recoveries under IAG’s aggregate cover during the second half of the 2021 financial year, the Australian carrier has revealed its full-year results.
IAG chairman Bryan set to retire after six years in chargeIAG chairman Elizabeth Bryan has announced she will retire from her role later this year, with director Tom Pockett named as her successor.
IAG set to report net loss of A$427mn for FY2021IAG is to report a net loss of A$427mn ($315mn) for the financial year ended 30 June on the back of A$742mn of natural catastrophe losses and overall prior-year reserve strengthening of A$81mn.
Liberty Mutual to acquire Malaysian insurer AmGeneralLiberty Mutual Insurance is to acquire Malaysian insurer AmGeneral Insurance Berhad from AmBank Group and Australian insurer IAG.
IAG caps maximum event retention at A$169mn for FY2022IAG has entered the new financial year with a maximum event retention of A$169mn ($127mn) through the combination of catastrophe covers it has in place.
IAG exceeds 2021 FY cat budget following Victoria floodsAustralian carrier IAG has revealed it will have exceeded its catastrophe budget for the 2021 financial year following claims from the ongoing flooding in Victoria.
ICA adds trio to boardThe Insurance Council of Australia (ICA) has added representatives from Munich Re, IAG and Chubb to its board of directors.
AmFam insurtech spin-out Arturo closes $25mn B roundArturo – an AI-powered property analytics platform spun out of American Family in 2018 – has raised $25mn in a Series B funding round led by Atlantic Bridge Capital, with participation from RPS Ventures and existing investors Crosslink Capital and IAG Firemark Ventures.
Australian flood loss estimate rises to A$567mnInsured losses from claims filed related to flooding in New South Wales and southeast Queensland have now risen to A$567mn ($431.3mn), according to the Insurance Council of Australia (ICA).
ICA increases Australia floods insured loss tally to A$438mnEstimated insured losses from flooding in New South Wales and southeast Queensland have risen to A$438mn ($333.8mn), according to the Insurance Council of Australia (ICA).
IAG puts net NSW/QLD flood losses at A$135mnInsurance Australia Group (IAG) has pegged the net cost of recent flooding and severe weather impacts in New South Wales and South East Queensland at A$135mn ($103mn).
ICA increases flood insured loss estimate to A$331mnInsurers have now received more than 22,000 claims related to flooding and severe weather impacts in New South Wales and South East Queensland, according to the Insurance Council of Australia.