One of Australia’s biggest insurers, IAG, has said Auckland flooding and higher inflation costs is squeezing margins.
IAG, one of Australia’s biggest insurers, has warned margins will be smashed this year due to disasters includingthat Sydney-based IAG, behind brands including NRMA and CGU, has missed targets for margins.Despite jacking up prices and boosting premium growth, IAG on Friday cut its margins expectations for the year from up to 16 per cent to 10 per cent.
He maintained the “strong premium growth we’re delivering” along with strength in brands gave IAG the confidence that it could hit medium-term margin targets of 15 per cent to 17 per cent.The miss to 2023’s target came after IAG’s forecasting was already in the hot seat, having cut expectations in July for the 2022 financial year.
IAG, New Zealand’s biggest insurer with brands including AMI and State, had notched almost 15,000 claims following deadly flooding and landslides in Auckland in the past week. IAG has its own insurance – called reinsurance – to protect it from big disasters, and this was likely to kick in after the damage bill hit $236 million, the insurer said on Friday.
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