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.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.