Rear Window

Suncorp and IAG’s disaster profits come at taxpayer expense

The federal government has facilitated the best of both worlds for insurers: higher profits and simultaneous crowing about payouts to their customers.

Myriam RobinSenior writer

Jul 15, 2025 – 2.27pm

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There’s been a flood of good news for investors in Australia’s major listed insurers. Insurance Australia Group (IAG) and Suncorp got off very lightly from the impact of ex-tropical Cyclone Alfred, which delayed the federal election but did far less damage than feared.

But therein lies the rub. Those citizens reeling from the impact of major disasters wouldn’t like to see insurers crowing about their money-making. Celebrations of full-year profit figures will be muted. Meanwhile, industry lobby group the Insurance Council of Australia – chaired by Suncorp chief Steve Johnston – is doing what it can to smooth things along.

Myriam Robin is a senior writer based in the Melbourne newsroom. She has previously been a Rear Window columnist and editor, and before that reported on financial markets and media.