The insurance industry has experienced a 12% drop in its profits to $4.4 billion in 2019, partly driven by higher claims due to natural hazards, including East Coast weather events in summer 2018/19, according to KPMG Australia’s annual General Insurance Industry Review.
In the 12 months to June 30, net earned premiums were up 4.5% to $32.3 billion; while gross written premiums rose by 5% to $44.8 billion – growth that was largely rate-driven and would have been higher but for the impact of reforms to the compulsory third-party schemes in NSW and QLD, KPMG said.
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