Latest Insurance News

Tower has renewed its FY27 reinsurance programme with $970 million of catastrophe protection, higher limits for a third catastrophe event and a lower expected reinsurance cost ratio. The insurer says several new multi-year agreements should also improve certainty around future costs and catastrophe excesses.

nib Group reported a 6.2% revenue increase to $3.8 billion and a 9.1% rise in underlying operating profit to $260.9 million for FY26, despite a 5.9% net profit dip. The company achieved maiden profitability in Health Services and declared a fully franked 21c dividend including a 5c special, supported by ongoing Travel insurance divestments.

QBE Insurance Group posted a modest 1% increase in net profit to US$1.03 billion for the first half of 2026, underpinned by steady premium growth and disciplined underwriting.

Insurance Australia Group reported a 15.1% revenue increase to $21.3 billion in FY26 but saw net profit after tax fall 24.8% to $1.022 billion, impacted by natural peril claims and RACQ acquisition costs. The company declared a 20c final dividend, suspending its DRP.

Suncorp Group reported a 34% drop in net profit for FY26 to $1.03 billion amid elevated natural hazard costs but maintained strong margins and announced a $250 million share buyback and 10c special dividend.

Helia Group’s half-year profit fell 25% to $100 million, hit by lower premiums and investment income. The insurer declared a combined 43 cents per share dividend and launched a $75 million share buy-back.

NobleOak Life has obtained in-principle ex gratia relief from Victorian insurance duty on premiums paid in early 2025, potentially reducing its previously provisioned $6.5 million liability.

Helia Group has renewed its exclusive Lenders Mortgage Insurance contract with ING Bank Australia for four years from July 2026, preserving a significant revenue stream representing about 20% of its FY25 premiums.

Suncorp has secured a disciplined FY27 reinsurance program featuring a $800 million annual aggregate cover over five years, while signalling higher reinsurance costs and a $250 million natural hazard cost overrun in FY26.

Helia Group appoints Mark Senkevics as CEO from December 2026 and Craig Ward as CFO from July 2026, outlining detailed remuneration and transition plans amid ongoing leadership changes.

QBE Insurance Group kicked off 2026 with robust premium growth and solid underwriting, maintaining its full-year guidance amid geopolitical uncertainty and evolving risks.

The ACCC has escalated its review of Insurance Australia Group’s proposed takeover of RAC Insurance, flagging significant competition concerns in Western Australia’s motor and home insurance markets.