Insurers’ net profits drop 28% due to BI, nat cat claims

Data from the Australian Prudential Regulation Authority showed that the local general insurance industry saw a 28% year-on-year drop in net profit after taxes to $1.1 billion ($850 million) in the year ended March 31, Asia Insurance Review reported. The decline in profits was mainly driven by the claims costs relating to natural catastrophes, provisioning for COVID-19 pandemic-related business interruption claims and lower investment income.

Source: Business insurance

News Update (insurancealerts.in)