Fewer natural disasters boost insurance profits

Australia’s insurance industry had a better year in 2016 due to fewer bushfires, floods and other natural disasters.

The combined after-tax profit of 99 insurers and 10 reinsurers rose 20 per cent to $2.9 billion.

The insurance industry’s return on assets, in decline between 2012 and 2015, ticked up to 10.5 per cent from 8.7 per cent, according to figures from industry regulator the Australian Prudential Regulation Authority (APRA).

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