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IA increases GWP, client numbers

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Insurance Advisernet (IA) Australia says gross written premium grew 4% to $383 million last financial year.

More than 70% of its authorised representative (AR) practices increased their income in the year to June 30, and overall brokerage and fee income increased more than 5%.

Client count increased 3% to 44,000 and policy count grew 5% to more than 102,000.

MD Shaun Standfield says the performance “shows the AR model is the future of the insurance industry”, and the group’s refreshed strategy is delivering results.

“We intend to continue to heavily invest in our technology, education platforms and marketing to ensure we maintain our brand position,” he said.

“The team at IA are extremely confident in the future and that their national network of advisers will continue to demonstrate to clients that advice and trust will win over the direct price competitors.”

The group has recruited 14 new practices, edging closer to 150 in total.

Mr Standfield says it appears the market is close to the bottom of its pricing cycle.

“In recent discussions with our AIMS [Austbrokers & IBNA Member Services] insurer partners, they are reinforcing the view that we should be anticipating increases of about 3-5% over the next 12 months,” he said.

AUB Group has a 50% stake in Insurance Advisernet.