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Home insurance spikes again as IAG warns of climate risk

Liam WalshReporter
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Key Points

  • Revenue ($m) 9659 down 7.2pc from year-earlier 9012
  • Pre-tax profit ($m) -546 v 357
  • Net profit ($m) -460 v 283
  • Interim dividend 7c v 10c, payable on March 15 

IAG is the latest insurer to reveal massive hikes to Australian home premiums, which it has lifted by 6 per cent on average in the past six months.

IAG chief executive Nick Hawkins told The Australian Financial Review the rise was due to a cocktail of factors including increasing damages claims and higher costs of reinsurance, which is insurance for insurers in disasters.

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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
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    Original URL: https://www.afr.com/companies/financial-services/iag-ekes-out-dividend-after-1b-virus-crunch-20210209-p570yo