IAG Faces Multi-Million Dollar Bill For Storm Related Claims
Australian insurance major, Insurance Australian Group (IAG) says it now believes it will have to cover between -35 million in claims by clients ravaged by storms in northern New South Wales and south-east Queensland.
IAG in a statement said that its subsidiaries CGU, and NRMA insurance had received some 4000 claims mostly in relation to property damage, though there were some commercial and vehicular damage.
The amount being claimed is not large enough to trigger IAG’s main reinsurance contracts, but would contribute to the erosion of its aggregate cover which currently amounts to 0 million. IAG says it has reinsurance of 0 million for aggregate events of more than 0 million.
Rival Suncorp Metway last week said that its total costs related to storms and weather events was in excess of its first half allowance by million, after receiving claims related to the Queensland and northern New South Wales floods.
Last week Suncorp-Metway discloseed costs for storms and weather events had exceeded its half-year allowance by million after it received claims relating to recent flooding in Queensland and northern NSW. Suncorp’s allowance for major weather events is 0 million for every half year.
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