IAG Archives - InsuranceAsia News https://insuranceasianews.com/companies_category/iag/ Wed, 02 Oct 2024 03:48:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 IAG announces massive job cuts amid teams restructure: report https://insuranceasianews.com/iag-announces-massive-job-cuts-amid-teams-restructure-report/ Wed, 02 Oct 2024 03:27:11 +0000 https://insuranceasianews.com/?p=163939 The layoffs will affect 214 roles across underwriting, direct claims, distribution and digital business in its direct and intermediated insurance businesses.

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Australian insurance giant IAG has informed the Financial Sector Union (FSU) of plans to cut 214 jobs from its Direct Insurance Australia and Intermediated Insurance Australia divisions, local media r...

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]]> Australian Federal Court rules to declass four BI class actions against insurers https://insuranceasianews.com/australian-federal-court-rules-to-declass-four-bi-class-actions-against-insurers/ Tue, 24 Sep 2024 04:23:11 +0000 https://insuranceasianews.com/?p=163193 The ruling is regarding representative proceedings regarding Covid-19 business interruptions claims against IAG, QBE, Lloyd's syndicate 2003 and Hollard.

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The Federal Court of Australia has ruled to declass four representative proceedings against insurers seeking claims payout from business interruption covers they took out involving during the Covid-19...

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]]> Enstar finalises US$442m cover transaction with IAG https://insuranceasianews.com/enstar-finalises-us442m-cover-transaction-with-iag/ Fri, 30 Aug 2024 03:41:40 +0000 https://insuranceasianews.com/?p=161690 The transaction includes product & public liability, compulsory third-party motor, professional risks and workers’ compensation for losses incurred on or prior to June 30, 2023.

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Enstar has completed the previously announced adverse development cover (ADC) agreement between its wholly owned subsidiary, Cavello Bay Reinsurance Limited,  and Insurance Australia Limited, on behal...

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]]> IAG releases climate action plan to meet FY 2030 emissions reduction targets https://insuranceasianews.com/iag-releases-climate-action-plan-to-meet-fy-2030-emissions-reduction-targets/ Fri, 23 Aug 2024 08:47:23 +0000 https://insuranceasianews.com/?p=161170 The carrier is focusing on phasing out underwriting for entities that are predominantly in the fossil fuels businesses and identifying, assessing and integrating climate resilience, decarbonisation, and other sustainability criteria, into its decisions.

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IAG has released its latest climate action plan reiterating its commitment to meet updated FY 2030 emissions reduction interim targets to support the transition towards a low-carbon, climate resilient...

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]]> IAG grows FY 2024 insurance profit 79% to near US$1bn https://insuranceasianews.com/iag-insurance-profit-up-79-to-near-us1bn-in-fy-2024/ Wed, 21 Aug 2024 02:56:05 +0000 https://insuranceasianews.com/?p=160911 The Australian insurer's COR improved 4.3 percentage points to 89.3% and its GWP grew 11.3% to US$11bn for the financial year ended June 30.

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Insurance Australia Group’s (IAG) insurance profit was up 79% year-on-year (YoY) to AU$1.44 billion (US$ 970 million) for the financial year 2024 (FY 2024) ended June 30.
The Australian insurer report...

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]]> IAG secures US$2.8bn 5-year nat cat cover and US$450m long-tail reserve protection https://insuranceasianews.com/iag-secures-us2-8bn-5-year-nat-cat-cover-and-us1-6bn-long-tail-protection/ Fri, 28 Jun 2024 02:58:18 +0000 https://insuranceasianews.com/?p=156939 The Australian insurer has bought the additional reinsurance protection from Berkshire Hathaway and Canada Life Re, while the long-tail adverse development cover is provided by Enstar.

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IAG has purchased a five-year reinsurance program to mitigate natural perils volatility and secured adverse development protection for its AU$2.5 billion (US$1.66 billion) long-tail reserves, the comp...

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]]> IAG slapped with class action suit over ‘loyalty tax’ on home insurance renewals https://insuranceasianews.com/iag-slapped-with-class-action-suit-over-loyalty-tax-on-home-insurance-renewals/ Wed, 29 May 2024 01:57:32 +0000 https://insuranceasianews.com/?p=154770 IAG says it intends to defend the proceedings commenced by class action specialist law firm Slater and Gordon against its subsidiaries IAL and IMA.

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Australian insurer IAG subsidiaries have been hit by a class action suit for inflating premium of home insurance policies offered to loyal customers.
Class action specialist law firm Slater and Gordon...

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]]> IAG launches SME-focused cyber underwriting agency Cylo https://insuranceasianews.com/iag-launches-sme-focused-specialist-cyber-mga-cylo/ Wed, 22 May 2024 03:42:36 +0000 https://insuranceasianews.com/?p=154350 The MGA is backed by the Australian carrier's commercial insurance arm CGU and will offer up to US$1.3 million cover against cyber attacks for small businesses.

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Australian insurer IAG has launched its specialist cyber managing general agency (MGA) Cylo, backed by IAG's brand CGU, to help strengthen the cyber resiliency of small businesses in Australia, accor...

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]]> New UN-led climate forum launches with IAG, Singapore insurers as founding participants https://insuranceasianews.com/new-un-led-climate-forum-launches-with-iag-singapore-insurers-as-founding-participants/ Thu, 25 Apr 2024 15:37:09 +0000 https://insuranceasianews.com/?p=152842 The Net-Zero Insurance Alliance has been discontinued and the new forum will comprise 19 (re)insurers from Africa, Asia, Europe, Latin America and the Caribbean, North America, and Oceania.

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Australian insurer IAG and Singaporean insurers Singapore Life and Odeon Insurance Re have joined a group of 19 insurers as founding members of a new climate alliance Forum for Insurance Transition to...

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]]> NSW ‘black nor’easter’ storms declared significant event as claims top 11,500: ICA https://insuranceasianews.com/carriers-get-11527-claims-for-nsw-black-noreaster-storms-declared-a-significant-event/ Wed, 10 Apr 2024 08:27:28 +0000 https://insuranceasianews.com/?p=151310 Suncorp, which received 2,700 claims, and IAG, with 3,100 claims, have said that almost 80% of the losses are coming from property damage.

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Australian insurers have received 11,527 claims for the last weekend’s severe storms focused on New South Wales, also called “black nor’easter” storms, declared a significant event by the industry, ac...

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