Because I know they have made around 26% profit over older years.
Recent years - we don't know what the profit ultimately will be - but with such excessive premium increases over recent years, I expect it to double. Small claims make up a small percentage of the overall costs of claims, so the insurance industry are good at lobbying the ignorant and complaining about increasing costs which do not exist.
I can provide more concrete data and explanations if you still don't believe me.
News: IAG Insurance Australia says on track for FY17 guidance, page-22
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