Insurance profits surge on rising premiums. IAG boss acknowledges Australians are "doing it tough"

Two of Australia's biggest insurance companies have posted bumper profits today as policy holders struggle with the higher cost of living continue to be smashed by surging premiums. Both IAG and QBE acknowledge the consumer pain but IAG boss Nick Hawkins warns warning insurers need to remain highly profitable to pay out claims for increasingly frequent weather events and natural disasters. Reporter: Peter Ryan, Senior Business Correspondent Featured: Nick Hawkins, IAG chief executive