IAG receives more than 4,000 claims after ex-Tropical Cyclone Alfred
Make us a preferred source
Make us a preferred source on Google
The news: Insurance Australia Group says it has received more than 4,000 claims across South East Queensland and Northern New South Wales related to ex-Tropical Cyclone Alfred.
The numbers: The insurer did not provide an estimate of the cost of claims but noted the federal government’s Cyclone Reinsurance Pool provides protection for damage caused by cyclonic wind and cyclone-related water damage up to 6:00am on Monday 10 March.
In addition, IAG has a comprehensive reinsurance program including quota share reinsurance that covers 32.5% of all losses, catastrophe cover for 67.5% of all losses above $500 million up to $10 billion, and perils volatility cover of $680 million.
The context: CEO Nick Hawkins said the insurer transitioned last weekend from operational readiness to response and recovery. “We’ve significantly bolstered our claims team and are leveraging our capability to bring on additional claims support from around Australia and New Zealand, to ensure we help customers as quickly as possible,” he said.
Ex-Tropical Cyclone Alfred, which was subsequently downgraded to a tropical low by the Bureau of Meteorology, made landfall on the Queensland coast on 8 March.
The source: ASX
