Climbing reinsurance costs force IAG to hike rates

Insurance Australia Group Ltd. intends to increase premium rates across commercial, motor and home insurance lines to accommodate the high reinsurance costs, Reinsurance News reported. IAG performed well in the fiscal year 2022 and was back in black with $347 million in net profit after tax against a loss of $427 million in the previous year, but it expects higher reinsurance costs and inflationary pressures in 2023.