Premiums hit for Youi

YOUI has gone backwards in insurance premiums after almost nine years of rapid growth for the Sunshine Coast-based insurer, contrasting with industry trends.

Youi’s gross written premiums (GWP), which measure customer and price changes, fell 0.6 per cent to $664 million, according to Youi’s parent company Outsurance, which released profit results in South Africa overnight.

“The Australian general insurance market continues to experience a soft pricing environment where underlying industry profit margins on car and home insurance continues to deteriorate,” the accounts said.

A scandal involving misselling of products in 2016 had also knocked confidence in the brand. Youi said its normalised earnings rose 42 per cent to $67 million.