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AAP
AAP
Rachael Ward

YOU WONT BELIEVE: Severe weather insurance claims under the microscope - What They Never Told You

ASIC will "look closely" at the way insurance companies support Australians in times of need. (Brian Cassey/AAP PHOTOS)

Australia's biggest insurers have been accused of price gouging and driving up inflation after raking in huge profits as premiums soared.

The nation's biggest general insurer IAG posted $898 million in profit after tax, QBE recorded a half-year profit of $802 million and Suncorp's insurance wings made profits of $805m.

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