Sydney Hail Storms Increase IAG’s Natural Hazard Costs
No-moat-rated Insurance Australia Group’s natural hazard update following the Sydney hail storm on Dec. 20, 2018 indicates a pre tax cost will be in line with the insurer’s maximum first event retention of AUD 169 million post-quota share. By 10am on Dec. 21, IAG had received more than 6,500 claims and this number is expected to increase significantly during the next few days. Most claims relate to home and motor vehicle damage. Fiscal 2019 year-to-date natural peril claim costs currently total ...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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