IAG Updates Loss Estimates from Australia’s Floods and Fires

February 11, 2013

Insurance Australia Group’s Australia Direct and CGU businesses announced that they have “so far received over 13,700 claims arising from ex-Tropical Cyclone Oswald, with the cost to the Group expected to be in the range of A$120-140 million [US$123.2 – $143.73 million].”

Additionally, 600 claims have been received in relation to the bushfires in New South Wales, Tasmania and Victoria, with an estimated cost of around A$35 million [$35.93 million].

“Our recovery operation is well underway and our absolute focus is on making sure our customers get the support they need as soon as possible,” said IAG Managing Director and CEO Mike Wilkins.

“Our Australia Direct and CGU businesses offer flood and bushfire cover to customers across Australia and we have assessors and builders in all impacted areas already helping customers.”

IAG said its “calendar 2013 catastrophe reinsurance program has a maximum first event retention of A$150 million [$154 million].

Source: Insurance Australia Group

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