Sydney hail storm claims roll in for Insurance Australia Group

Company News

by Rachael Jones

Insurance Australia Group (ASX:IAG) says the scale of anticipated claims due to storms in Sydney yesterday already indicate they will be in line with their maximum first event retention of $169 million post-quota share.

By 10am on 21 December 2018 IAG had received more than 6,500 claims resulting from the Sydney hailstorm, and this is expected to rise significantly over coming days – mainly motor and property damage.

IAG is setting up specialist hail repair units across Sydney to help assess and repair hail-damaged vehicles.

The cost of any subsequent event in the period up to 31 December 2018 will be capped at $17 million pre-tax (post-quota share), after allowing for protection provided by the aggregate cover.

Total protection available under the 2018 aggregate cover amounts to $321 million, post-quota share.

Shares in Insurance Australia Group (ASX:IAG) last traded at $6.95
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.