Company: IAG Page 1 / 3
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- November 5 2024
Queensland and NSW most vulnerable going forward for natural disasters: CGU Insurance
Currently there are 1.2 million properties at risk of flooding in Australia, while 230,000 properties face a 1-in-20 risk of flooding each year, the insurer said.
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- October 24 2024
IAG on track to deliver FY 2025 guidance: CEO
The Australian carrier has guided an insurance margin of 13.5-15.5%, and GWP growth of ‘mid-to-high single digit' in the current financial year.
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- October 2 2024
IAG announces massive job cuts amid teams restructure: report
The layoffs will affect 214 roles across underwriting, direct claims, distribution and digital business in its direct and intermediated insurance businesses.
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- September 24 2024
Australian Federal Court rules to declass four BI class actions against insurers
The ruling is regarding representative proceedings regarding Covid-19 business interruptions claims against IAG, QBE, Lloyd's syndicate 2003 and Hollard.
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- August 30 2024
Enstar finalises US$442m cover transaction with IAG
The transaction includes product & public liability, compulsory third-party motor, professional risks and workers’ compensation for losses incurred on or prior to June 30, 2023.
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- August 23 2024
IAG releases climate action plan to meet FY 2030 emissions reduction targets
The carrier is focusing on phasing out underwriting for entities that are predominantly in the fossil fuels businesses and identifying, assessing and integrating climate resilience, decarbonisation, and other sustainability criteria, into its decisions.
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- August 21 2024
IAG grows FY 2024 insurance profit 79% to near US$1bn
The Australian insurer's COR improved 4.3 percentage points to 89.3% and its GWP grew 11.3% to US$11bn for the financial year ended June 30.
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- June 28 2024
IAG secures US$2.8bn 5-year nat cat cover and US$450m long-tail reserve protection
The Australian insurer has bought the additional reinsurance protection from Berkshire Hathaway and Canada Life Re, while the long-tail adverse development cover is provided by Enstar.
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- May 29 2024
IAG slapped with class action suit over ‘loyalty tax’ on home insurance renewals
IAG says it intends to defend the proceedings commenced by class action specialist law firm Slater and Gordon against its subsidiaries IAL and IMA.
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- May 22 2024
IAG launches SME-focused cyber underwriting agency Cylo
The MGA is backed by the Australian carrier's commercial insurance arm CGU and will offer up to US$1.3 million cover against cyber attacks for small businesses.
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- April 25 2024
New UN-led climate forum launches with IAG, Singapore insurers as founding participants
The Net-Zero Insurance Alliance has been discontinued and the new forum will comprise 19 (re)insurers from Africa, Asia, Europe, Latin America and the Caribbean, North America, and Oceania.
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- April 10 2024
NSW ‘black nor’easter’ storms declared significant event as claims top 11,500: ICA
Suncorp, which received 2,700 claims, and IAG, with 3,100 claims, have said that almost 80% of the losses are coming from property damage.
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- April 5 2024
IAG forks out US$24m in compensation for underpaid staff
IAG, which self-reported non-compliance issues to the regulator in December 2020, also signed an enforceable undertaking with the Fair Work Ombudsman.
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- April 2 2024
IAG appoints Robert Cutler as group general counsel
Cutler joins from Clayton Utz, where he was its chief executive partner, and replaces Karen Ingram who has been the interim GC following Peter Horton's departure in December last year.
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- April 2 2024
IAG New Zealand confirms new chief risk officer following executive team rejig
Rachel O’Brien will take over as CRO for the carrier, while former CRO Martin Hunter will take up a new role and Wayne Tippet will return as executive general manager for claims.
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- February 20 2024
IAG New Zealand CEO tells Kiwis to stop building homes in dumb places: report
The country’s largest insurer said that properties built in high-risk areas may see higher-than-average premium increases.
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- February 16 2024
IAG’s H1 2024 underwriting profit up 24% to US$211m , COR improves to 92.8%
The insurer's GWP grew 12.5% on premium increases and strong New Zealand business, but its net profit fell 13% year-on-year.
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- January 4 2024
Suncorp and IAG say December wild weather claims tracking below nat cat allowance
While the total cost of the two events have yet to be determined, Suncorp said it has US$459m in natural hazard allowance and IAG has US$114m till December 2023.
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- January 4 2024
IAG renews 2024 cat program with US$7bn protection, adds US$67m New Zealand cover
In conjunction with its 32.5% quota share, the Australian carrier’s retention is flat at US$159m.
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- December 21 2023
IAG finds interim group general counsel after Horton’s departure
The Australian insurer, which is facing litigation over US$4.7bn in claims, has commenced an internal and external search for a permanent replacement.
