The Insurance Commission of Western Australia has marked its centenary year by reporting a substantial improvement in underwriting performance, with a $273.3 million profit for the year ended June 30 2026, up from $114 million the previous corresponding period. 

The state-owned insurer's total profit after tax equivalent rose to $661.8 million from $543.2 million, according to its annual report. Investment income contributed $799.2 million, while net premium revenue increased to $1.12 billion. 

The improvement in underwriting results was driven largely by lower-than-expected claims expenses and favourable changes in actuarial and economic assumptions. 

The commission's Third Party Insurance Fund, which provides compulsory motor injury insurance in WA, recorded an underwriting profit of $125.4 million, compared with a loss of $37 million the previous year and a budgeted loss of $139.3 million. 

Its net combined ratio fell to 85.5%, from 104.6% in 2025, and was below the 116.5% target. The net loss ratio was 76.8%, compared with a budget of 108%. 

The Third Party Insurance Fund covers more than 3.5 million vehicles across the state and received more than 19,000 new claims for support from people injured in road crashes during the year. 

The Catastrophic Injuries Fund, which supports people with eligible catastrophic injuries arising from motor vehicle crashes - and since July 2024, qualifying workplace accidents - also recorded a strong result. 

It reported an underwriting profit of $160.9 million against a budgeted loss of $5.1 million. Its net combined ratio was 37.5%, compared with a target of 101.9%. 

More than 400 people and their families were supported through the Catastrophic Injury Support Scheme this year. 

The commission said the result again reflected changes in actuarial and economic assumptions, as well as fewer than expected new participants with catastrophic motor injuries. 

Investment performance was positive across the commission's major funds. The Main Fund achieved an annual investment return of 8.6% net of investment fees, while the Catastrophic Injuries Fund returned 9.7%, both exceeding their budgeted targets. 

The commission also provides risk management support and insurance for 111 government agencies, helping protect the delivery of essential public services across the state. 

The report comes as the commission marks its centenary year by releasing a five-year strategic plan focused on improving recovery outcomes, strengthening services and providing greater support to government agencies.