Insurance Australia Group Limited
(ASX:IAG) has announced that it has received around 10,000 claims in relation to the recent storms that affected much of Australia’s east coast.
IAG says that it has allocated additional staff to call centres, and proactively made contact with customers in affected areas to help reduce wait times.
IAG estimates that the recent storms will result in a pre-tax net claim cost of $60 - $80 million,
The insurance company also estimates that its current maximum event retention has reduced to around $120 million, increasing to $200 million from 1 July 2016.
IAG reported a net profit of $506 million at 31 December 2015.
