Just over a week after No 1 insurer IAG announced it will focus on domestic organic growth for the next couple of years, CEO Michael Hawker says international expansion is definitely a way for top Australian insurers to get ahead.

Speaking to an investment conference in Sydney last week, Mr Hawker said although there are “substantial opportunities” for insurers locally for the next three years, a “generation of international growth and profitability” will be introduced to the market soon. “Progressing will depend on being able to show internationally applicable core competencies,” he said.

Mr Hawker says IAG’s focus for international expansion is likely to be Asia, with internationally competitive core competencies in vehicle policy risk analysis, vehicle claims management and personal injury claims management. IAG currently has small operations in Thailand and China. 

But for now Mr Hawker says IAG will focus on growing its personal, commercial and statutory classes of insurance at home. He says the group also has three internal projects which focus on “getting it right” as well as business integration and IT transformation. “Some internal agreements include ongoing performance benchmarks for customer service, cost, quality and timely delivery.”