Insurance Australia Group (IAG), the country's largest insurer, predicts a slowdown in premium hikes, offering respite to Australians grappling with price increases over the past couple of years. IAG CEO Nick Hawkins attributes this easing to cooling inflation and reduced pressure on supply chains and labour costs.
Rising insurance premiums will finally take a breather, providing relief to Australians battered by hefty price hikes over the last couple of years, according to the country’s largest insurer.
Higher insurance premiums have been a key driver of inflation since the COVID-19 pandemic and the eastern floods of 2022, rising as high as 16 per cent in a year around December 2023 – the biggest annual jump since 2000, according to the Australian Bureau of Statistics.The go forward is probably what I would call a more sort of normal environment, whereas the last two years has been abnormalInsurance rose 1.
“The go forward is probably what I would call a more sort of normal environment, whereas the last two years has been abnormal,” Hawkins said. “I know things can change … but definitely the outlook from a customer point of view, and this is not just IAG, it’s across the industry … definitely relief compared to the really challenging few years.”
INSURANCE PREMIUMS INFLATION AUSTRALIA IAG
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