Insurance Australia Group is the latest big insurer to reveal COVID-19 hits to profits. It comes at an interesting time for IAG because it is searching for a new CEO to replace Peter Harmer.
A series of unforeseen events have conspired to put a dampener on the legacy of outgoing Insurance Australia Group chief executive Peter Harmer, who will leave before the end of the year.
Higher than expected natural peril costs, a blowout in long tail insurance claims, and poor investment returns mean IAG's 2020 cash profit will be the lowest since 2012 and its reported insurance margin will be the lowest since 2011.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
