IAG

IAG backs NZ govt inquiry into climate adaptation, calls to address market failures

The New Zealand arm of IAG has welcomed a government committee’s inquiry into climate adaptation, with the insurer underlining the importance of building political consensus around changing climate patterns.

IAG reports 79% jump in full-year insurance profit to A$1.44bn

IAG has reported an insurance profit of A$1.44bn ($971mn) for the 2024 fiscal year, up 79 percent on the prior year and at the top end of its guidance range of A$1.20bn to A$1.45bn.

IAG strikes five-year cat ri deal with Berkshire and A$650mn Enstar ADC

IAG has purchased long-term natural perils volatility protection from Berkshire Hathaway and Canada Life Reinsurance providing up to A$680mn of limit annually for future events and a A$650mn adverse development cover from Enstar to protect its A$2.5bn long-tail reserves for prior years.

IAG hit with loyalty pricing class action

Australian insurer IAG has been hit with a class action that alleges the company misled customers about loyalty discounts for home insurance products.

IAG hit by 3,169 claims from east coast storms

Insurance Australia Group has received 3,169 claims across its brands from the heavy rainfall and flooding which struck Australia's east coast over the weekend.

IAG reports 75% jump in H1 insurance profit to A$614mn despite higher ri costs

Australia’s IAG reported net profit after tax (NPAT) for the first half of its fiscal year that was down 13 percent to A$407mn as insurance profit surged by 75 percent to A$614mn in H1 2024.

IAG adds A$500mn at top of cat tower as well as drop-down covers

Australian insurer IAG has increased the vertical limit on its main 1 January incepting catastrophe cover by A$500mn ($337.8mn) to A$10.5bn, as well as securing retention reducing drop-down covers and third and fourth event protections in what it described as stabilised global reinsurance markets.

IAG upgraded to AA by S&P

S&P has raised the long-term financial strength and issuer credit ratings it holds for IAG’s core entities to AA from AA-.

IAG company secretary Horton exits following employee code misconduct

IAG has announced that group general counsel and company secretary, Peter Horton, has left the company following behaviour in violation of the group’s employee code of conduct.

IAG joins Australia’s Cyclone Reinsurance Pool

Australian insurer IAG has joined the federal government’s Cyclone Reinsurance Pool.

IAG claims Greensill misled German regulator on insurance coverage

Insurance Australia Group has alleged in court filings that collapsed supply chain finance company Greensill Capital actively deceived German regulators in an effort to reduce the capital requirements on its European units.

IAG reports nat cat bill of A$120mn; maintains FY guidance

Australian insurer IAG has incurred natural catastrophe losses of approximately A$120mn ($77.1mn) in the three months to the end of September but remains “on track” to deliver its full-year guidance, according to group CEO Nick Hawkins.

IAG appoints McDonnell as CFO

IAG has appointed William McDonnell as its chief financial officer, effective 11 December 2023.

IAG facing A$7bn in disputed Greensill collapse claims

IAG is battling legal claims with an aggregate value of A$7bn ($4.5bn) related to litigation over the collapse of supply chain finance company Greensill Capital, the Sydney-based insurer disclosed yesterday.

IAG increases natural peril allowance to A$1.15bn for FY 2024

Australian insurance giant IAG has increased its natural peril allowance for the full year 2024 to A$1.15bn ($734.31mn), up 26 percent from A$909mn the previous year.

IAG renews Hannover Re QS and secures agg cover at 1.7

IAG has renewed its 2.5 percent whole-of-account quota share arrangement with Hannover Re, with the Australian carrier also securing aggregate and third and fourth event reinsurance covers at the 1 July renewal.

Australian court fines IAG unit a record A$40mn for pricing failures

Australia’s federal court has fined a unit of IAG a record A$40mn ($26.5mn) for failing to honour certain discount promises made to policyholders.

IAG’s VC arm enters joint venture to scale climatetech start-ups

IAG Firemark Ventures, the corporate venture capital arm of Insurance Australia Group, has partnered with Jerusalem Venture Partners and Margalit Startup City to develop climate technologies for climate change risk assessments.

IAG exits NZIA as total departures climb to 19

Insurance Australia Group has become the 19th carrier to exit the Net-Zero Insurance Alliance, leaving just 12 members remaining.

IAG takes A$284mn claims hit for NZ cats; ups medium-term targets

IAG expects to take a net hit of A$284mn ($192.2mn) from the catastrophic North Island floods and Cyclone Gabrielle, which devastated parts of New Zealand in the first quarter of the year.

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