Insurance Australia Group Limited (ASX:IAG) expects that claims arising from the recent floods in Thailand will cost the company about $50 million.
The insurer says it has already been hit by about 1,500 claims from Thailand’s worst flooding in half a century.
IAG’s expects claim assessments to take several weeks to complete as the water level slowly recedes.
The company says its preliminary estimate of $50 million assumes the remaining protection available under the group's aggregate reinsurance cover is used fully.
In the 2011 financial year IAG posted a net profit of $338 million.
