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BRIEF-Insurance Australia Group updates on Northern Sydney hail storm

Published 22/02/2017, 08:51 am
BRIEF-Insurance Australia Group updates on Northern Sydney hail storm
IAG
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ICAG
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Feb 22 (Reuters) - Insurance Australia Group Ltd IAG.AX :

* Received more than 13,000 claims to date, predominantly motor, from Northern Sydney hailstorm on 18 February 2017

* IAG's natural perils allowance for FY17 is $680 million and company today reported net natural peril claim costs of $420 million for 1H17

* Assumed net cost from event together with further perils in FY17 will be within current perils allowance and available reinsurance cover

* Setting up specialist hail repair units across wollongong, castle hill and chatswood to help assess and repair hail damaged vehicles

* "Additional employees have been allocated to claims and repair management teams" Source text for Eikon: Further company coverage: IAG (LON:ICAG).AX

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