IAG Receives 6000 Storm Claims

Insurance Australia Group said it has already received “over 6,000 claims” from the storms that have battered the coast of the State of New South Wales (See IJ web site June 11).

IAG said it expects to receive more claims; therefore it is too early to put a final figure on the cost of storm damage claims. But the Group said it would “bear the full cost of claims under A$100 million (US$84.23 million) and be fully covered for any costs in excess of A$200 million [$468.5 million].”

The bulletin also noted that “partial covers are in place for losses between A$100 million and A$150 million [$126.3 million]. In particular, IAG will only bear 37.25 percent of any losses between $100 million and $150 million.”

IAG said its “operating businesses, NRMA Insurance and CGU Insurance, have had teams on the ground all weekend and continue to work to help their customers in this time of need.”