Jan 24 (Reuters) - Insurance Australia Group Ltd IAG.AX :
* IAG (LON:ICAG) NOW EXPECTS ITS FY20 REPORTED INSURANCE MARGIN WILL BE IN RANGE OF 14.5-16.5%
* ALSO INDICATED ITS 1H20 RESULTS WILL CONTAIN A POST-TAX PROVISION OF ABOUT $80 MILLION FOR A CUSTOMER REFUND PROGRAM
* EXPECTS 1H20 NET NATURAL PERIL CLAIM COSTS OF $419 MILLION
* EXPECTS 1H20 UNDERLYING INSURANCE MARGIN OF 16.9%
* EXPECTS ITS 1H20 RESULTS TO CONTAIN LOSS FROM FEE-BASED BUSINESS OF $2 MILLION
* EXPECTS 1H20 RESULTS TO CONTAIN GROSS WRITTEN PREMIUM GROWTH OF AROUND 1.4%
* REAFFIRM ITS 'LOW SINGLE DIGIT' GWP GROWTH EXPECTATION IN FY20
* HAILSTORM IMPACT WILL RESULT IN A PRE-TAX COST OF $169 MILLION UNDER CALENDAR 2020 CATASTROPHE REINSURANCE PROTECTION
* BY 5PM ON 23 JAN 2020, IAG HAD RECEIVED OVER 28,000 CLAIMS RESULTING FROM HAILSTORM EVENT
* CLAIMS RESULTING FROM HAILSTORM EXPECTED TO INCREASE OVER COMING DAYS
* HAS REVIEWED ITS ASSUMPTION FOR NET NATURAL PERIL CLAIM COSTS FOR FY20 AND INCREASED IT BY $74 MILLION TO $715 MILLION
* YEAR-TO-DATE NET NATURAL PERIL CLAIM COSTS, AS AT 23 JAN 2020, ARE ESTIMATED TO AMOUNT TO $608 MILLION
* CONTINUES TO EXPECT AN FY20 LOSS FROM FEE-BASED BUSINESS OF UP TO $50 MILLION
* WORKING TO IDENTIFY INDIVIDUAL CUSTOMERS WHO HAVE BEEN AFFECTED BY SPECIFIC MULTI-YEAR PRICING ISSUE AND TO ARRANGE REFUNDS
* WOULD REQUIRE $208 MILLION OF NET NATURAL PERIL CLAIM COSTS OVER 24 JAN TO 30 JUNE 2020 TO EXCEED REVISED FY ASSUMPTION
* PROVISION FOR SPECIFIC MULTI-YEAR PRICING ISSUE WILL BE RECOGNISED IN NET CORPORATE EXPENSE LINE IN IAG'S 1H20 REPORTED EARNINGS
* ABOUT $20 MILLION OF ATTRITIONAL LOSS EXPERIENCE IN PERIOD FROM JAN 1 TO 23, 2020 INCLUDING MINIMAL NET BUSHFIRE-RELATED COSTS Source ( Further company coverage: IAG.AX