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THE nation’s biggest car and home insurer is under renewed pressure to raise premiums after revealing it could pay an extra $100 million to insure its own book.
Insurance Australia Group has declared that it expects to pay as much as $720 million this year for catastrophe “reinsurance” following a year of floods, cyclones and bushfires.
But IAG said the reinsurance hike, on the back of a year of record claims, would have no impact on its forecast profit margin on insurance products of 10-12 per cent.
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Source: The Herald Sun
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