April 4, 2017 / 11:53 PM / 4 months ago

BRIEF-Insurance Australia Group updates on revised FY17 reported insurance margin

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April 5 (Reuters) - Insurance Australia Group Ltd:

* Asx alert-impact of TC Debbie, revised FY17 reported insurance margin-IAG.AX

* Financial impact of tropical cyclone Debbie and revised FY17 reported insurance margin guidance

* Estimates it will incur a net natural peril claims cost of approximately $140 million from tropical cyclone Debbie

* IAG's businesses have received approximately 4,300 claims as at 4 April 2017 for mainly property damage in relation to tropical cyclone Debbie

* Following this event, IAG has increased its expectation for FY17 net natural peril claim costs to $850 million

* IAG has lowered its FY17 reported insurance margin guidance range, from 12.5-14.5% to 10.5-12.5%

* Expected full utilisation of FY17-specific reinsurance cover of $96 million

* Estimate of around $100 million for further peril events in combined months of April, May and June 2017 Source text for Eikon: Further company coverage:

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