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Youi’s profits lift, but some insurer costs become prohibitive

Liam WalshReporter

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Key Points

  • Youi posts higher profits and growth, but warns of pressures in own costs. 
  • But customer complaints or indications of dissatisfaction rising across sector. 
  • Youi yet to see major customer churn despite big price jumps across sector.

Youi says rising costs meant it dumped a specialised type of disaster insurance protecting its book from cumulative losses, while customer satisfaction fell amid its own premiums rising.

The two events mirror pressures for some Australian insurers, even as their profitability improves.

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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/youi-s-profits-lift-but-some-insurer-costs-become-prohibitive-20230925-p5e7dt