Storms fail to break underwriting profit streak

For the fifth consecutive year Australia’s insurers have kept profits out of the red, despite a 6.3% fall in 2007

Insurance industry trading results in Australia continued to develop steadily – albeit at a slower pace than in earlier years - despite serious storm damage during 2007, according to the latest data released by the supervisory body, the Australian Prudential Regulatory Authority (APRA). The insurance industry was helped along by a healthy 4.3% economic growth rate, together with modest 2.3% inflation.