IAG has increased the default excess level on some insurance products across its NRMA, SGIO and SGIC brands as consumers look at taking on more risk to minimise price increases.
The insurer says pricing recently has been driven by the higher inflationary environment impacting costs, severe weather and natural peril claims and reinsurance expenses.
IAG says it encourages customers to review their excess as an option to reduce the impact of higher inflation on premiums, and it has seen…