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IAG CEO Predicts Ongoing Insurance Premium Rises

Understanding the Factors Behind Rising Insurance Costs

IAG CEO Predicts Ongoing Insurance Premium Rises?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Insurance Australia Group (IAG), a leading insurer in Australia, has reported a significant 91% increase in net profit for the first half of the 2024-2025 financial year, reaching $778 million.
This substantial profit growth is largely attributed to favourable weather conditions during the period.

Despite this financial success, IAG's CEO, Nick Hawkins, has indicated that insurance premiums are expected to continue rising, albeit at a slower pace. He highlighted that inflationary pressures have significantly impacted both insurers and policyholders over recent years, leading to increased costs across various sectors in Australia and New Zealand.

Mr. Hawkins expressed optimism that the future appears more favourable for consumers, anticipating a reduction in the inflationary impact on insurance over the next six to twelve months. He noted that as inflationary pressures decrease and reinsurance costs stabilise, these factors will be reflected in future pricing. Consequently, premium increases are expected to align more closely with general inflation rates than in previous years.

For tradespeople, these developments underscore the importance of staying informed about insurance market trends. Understanding the factors influencing premium adjustments can aid in making informed decisions regarding coverage options. Additionally, exploring various insurance providers and policy options may help in finding the most cost-effective and comprehensive coverage tailored to specific trade requirements.

In summary, while IAG's recent profit surge reflects a period of favourable conditions, the forecasted continued rise in insurance premiums highlights the need for tradespeople to remain vigilant and proactive in managing their insurance needs.

Published:Friday, 2nd Jan 2026
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

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