'Red alert' after key global warming records were smashed in 2023, page-67

From iag report...increased natural perils allowance by 26%
How effing dumb are you lot


was another significant perils year and we saw the devastating impacts of multiple large-scale events across Australia and New Zealand on our customers and communities. We are now moving to warmer and dryer conditions which should see a shift away from rain dominated claims.We’ve increased our FY24 natural perils allowance by 26% to $1.147b, up from $909m in FY23. We estimate around 20% of premiums we collect now cover reinsurance costs and the perils allowance.We will continue to play our part in supporting our customers and communities and remain committed to working with all levels of government on initiatives that will improve community resilience and reduce risk.