Morgan Stanley has reported that challenger brands in the Australian insurance market are becoming more profitable, resulting in larger companies losing market share. The broker named A&G and Youi as examples of companies showing a net profit margin above 8%, with average earnings volatility. Meanwhile, commercial insurers have improved their market share, with Chubb being named the “biggest winner” with a 0.6% rise, while QBE and Zurich saw varying growth and losses of 0.4% and 0.2% respectively, excluding QBE’s mortgage insurance business.