Australian general insurers fall as Jefferies trims PTs on softening premium cycle

Shares of Australian general insurers, including QBE Insurance, Insurance Australia Group (IAG), and Suncorp, fell after Jefferies lowered their price targets, citing a softening premium cycle. QBE's price target was cut to A$24.55, IAG to A$9.45, and Suncorp to A$20.55. Jefferies noted declining premium growth and competitive bidding in commercial lines, with QBE being most exposed. Despite structural challenges, domestic personal lines are expected to keep premiums high over the medium term. Year-to-date, QBE is up 2.9%, while IAG and SUN are down 9.2% and 3%, respectively.