Austbrokers: sins of commission

Changes in the insurance industry are filtering through to Austbrokers' bottom line. Will the trouble continue?

Australian insurers would prefer to forget the summer of 2010–11. Severe Queensland floods in December were followed just weeks later by Cyclone Yasi, and together they cost the industry more than $4bn – three years’ worth of claims in just a couple of months. Freak years happen rarely, but the exceptional level of claims when they do means that even insurers need to buy insurance, known as reinsurance.

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