'Exceptionally harsh season': IAG profit slumps 43pc after bushfires

after its profits plummeted amid surging customer claims for hail, fires and floods damages.

"This season has triggered broader debate and greater community concern than ever before over climate change and its impact," IAG chief executive Peter Harmer said in a statement accompanying the results. "It is critical that all levels of government work with our communities and businesses to minimise the immediate and long-term impacts of climate change."

"With the recent heavy rain event in south-east Australia in early February, we have further lowered guidance for the full year to 12.5 to 14.5 per cent ... in what is providing to be an exceptionally harsh perils season."

Ahyeah they ain't in business to make payouts! Profits. Maybe they will demand no building on beachfront or riverside, and houses be built from fire resistant materials.

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