Insurance Australia Group Claim Cost Rise

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Insurance Australia Group (IAG) announced first half profits fell by 10.6 per cent to $144 million, with claims from natural disasters reaching $396 million.

Chief executive Mike Wilkins said in a statement today “The first six months of the 2012 financial year have again been challenging for the insurance industry, with high net natural peril claim costs, including floods in Thailand and the severe Christmas Day storm in Melbourne, significantly increased reinsurance costs and volatile investment markets,”.

IAG’s insurance brands include NRMA, SGIC, SGIO, Swann and CGU in Australia

 

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