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5 months ago
BRIEF-Insurance Australia updates on Northern Sydney hailstorm
March 5, 2017 / 10:46 PM / 5 months ago

BRIEF-Insurance Australia updates on Northern Sydney hailstorm

March 6 (Reuters) - Insurance Australia Group Ltd

* Asx alert-further update on northern sydney hailstorm event-iag.ax

* IAG expects net claim cost from hailstorm will be around $160 million

* After allowance for reinsurance, IAG's maximum possible net exposure to this event is $200 million

* IAG's financial year-to-date net claim cost from natural peril events is estimated to be around $650 million as at end of February 2017

* Received over 20,000 claims from 18 February 2017 northern Sydney hailstorm.

* Based on an estimated cost of $160 million for hailstorm event and combination of covers in place, IAG's maximum exposure for next event is $140 million Source text for Eikon: Further company coverage:

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