IAG’s Fiscal 2017 Margin Guidance Unchanged Despite Higher Natural Peril Costs. AUD 6 FVE Intact
Not surprisingly the Northern Sydney hailstorm was expensive with Insurance Australia Group estimating a net cost of AUD 160 million. The hailstorm increases net claim costs from natural peril events to AUD 650 million for fiscal year to date to Feb. 28, 2017, just below the firm’s unchanged fiscal 2017 natural peril claims cost budget of AUD 680 million. In addition, the firm has in place AUD 96 million of specific natural peril protection above the AUD 680 million allowance. All amounts are ex...Insurance Australia Group is engaged in the underwriting of general insurance and related corporate services and investing activities. Co.'s business divisions are: Consumer, which includes short tail insurance such as motor vehicle and long tail insurance such as compulsory third party, as well as travel insurance, life insurance, income protection and funeral products; Business, which provides business and farm insurance, and workers' compensation services; New Zealand, a general insurance provider in New Zealand; Asia, which provides personal and commercial insurance products through local brands in Asia; and Corporate and other, which includes placement of Co.'s reinsurance program.
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