Insurance companies are still using the same price-gouging formula of other major businesses coming out of the pandemic, says the ACTU.

Australia’s big three general insurance companies are making a killing off the back of sky-high premium increases for customers over the last financial year, according to their recent reports.

During August, IAG, the biggest insurer in the market, posted insurance profits of $1.42 billion, up 79.1 per cent on the previous financial year, helped by an 11.3 per cent increase in revenue on premiums charged to consumers and businesses.

Suncorp posted an $801 million profit from the insurance arm of its business in the last financial year, a 17 per cent increase on the previous year.

QBE posted a nearly 100 per cent increase in profits, of $802 million for its half-yearly results, up from the $404 million profit posted for the same time last year.

The results come as working people pay more for insurance, with premiums up by 36 per cent since March 2021 and more increases on the way.

“The insurance companies are crying poor and blaming cost increases but they have increased premiums

well above costs to post record profits, using the same price gouging formula as other major businesses coming out of the pandemic,” said ACTU Assistant Secretary, Joseph Mitchell.