In this week's insurance industry news, Australian insurers saw a record after-tax profit of over $6 billion last year, a significant rise from the previous five-year average of $2 billion, as per KPMG's annual review. This was due mainly to increased insurance premiums and fewer natural disaster claims. However, there is growing consumer concern over affordability. To combat rising premium costs, a cyclone reinsurance pool has been established. Simultaneously, a wave of break-ins and thefts are heightening financial pressure on businesses, leading to increased premiums. Allianz Australia made headlines, facing a $16.8 million fine for false and misleading insurance coverage statements, while acquiring RAA Insurance for $642 million, a move expected to boost their market presence and offer RAA policyholders access to Allianz's global resources.n

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