IAG insurance australia group limited

Nick Hawkins Risks Steering IAG into the Same Trap that Undid Qantas and Virgin Australia, page-2

  1. 10,093 Posts.
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    Thanks for the article

    IAG needs to get it's crap together and show market that recent deals have margin and volume that they can retain and grow.

    The Auto and General taking over 10 year deal with Coles insurance according to IAG was only 200 mill in premium and low margin. That doesn't align with the article above ? Change happened in Sept 2024 so 10 months ago?

    https://www.paintandpanel.com.au/news/news/auto-and-general-takes-over-underwriting-coles-insurance

    Auto & General are now underwriting Coles insurance taking over the role from IAG. The partnership has been signed for 10 years.

    IAG inherited the Coles partnership when it bought the Wesfarmers insurance underwriting business in December 2013. CEO Nick Hawkins was asked at the insurer’s full-year earnings briefing about the impact of exiting the Coles business. He dismissed the partnership saying that is was tough to make money out of and only represented a couple of hundred in million in premium - compared with the over $16 billion the overall business collects.

    Aldi recently joined the list of supermarkets offering insurance in a policy underwritten by RACQ Insurance. j

 
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