Hailstorm losses swamp Insurance Australia profits

February 06, 2019

Source: Business Insurance

Insurance Australia Group Ltd.’s profit declined more than 9% year over year to $500 million Australia ($357 million) in the six months ended Dec. 31, 2018 driven by Sydney hailstorm-related losses, The Sydney Morning Herald reported. Gross written premiums totaled nearly AUD 6 billion while the insurer’s underlying margin grew more than 16%. Insurance profit fell 33% to AUD 496 million.