General insurers in good shape despite disasters

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30 January 2012

Most Australian general insurers are in good financial shape despite the massive claims stemming from the natural disasters in 2011.

According to the Australian Prudential Regulation Authority’s latest General Insurance Company Level Statistics for the year to June 2011, Vero was the most profitable insurer with a net profit of $613 million.

The next most profitable was IAG with $427 million, followed by Suncorp Metway Insurance with $345.1 million.

Some insurers did report losses, with South African-owned personal lines insurer Youi leading the field with a $30 million net loss.

Other insurers clocking up significant losses were New India with $19.9 million followed by Wesfarmers General Insurance with a net loss of $16.7 million.

The major Australian-based reinsurers all reported profits, with Munich Re leading the pack with a net profit of $207 million.

Swiss Re and Hannover Re reported net profits of $147 million and $9.2 million respectively.

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