Insurers hit with flood of storm claims

Original article by Lachlan Moffet Gray
The Australian – Page: 18 : 17-Jun-21

Insurance Australia Group is the latest insurer to advise that its natural hazard allowance for 2020-21 is set to be exceeded as a result of the recent storms in Victoria. IAG says it has received about 4,300 claims arising from the storms to date, which will result in its net natural peril claim costs rising to at least $720m for the financial year. IAG had previously advised that its peril claims costs for the year would be within the range of $660m to $700m, following storms on the east coast earlier in 2021; it has a perils allowance of just $658m for the financial year.


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