IAG supporting customers following recent storms and flooding
IAG today said it is focussed on supporting its customers affected by the recent severe storms and widespread flooding in southeast Queensland and northern New South Wales. However, it is too early to determine the extent and financial impact of the weather event.
As of 5am Tuesday 1 March, IAG had received approximately 6,700 claims across its brands, with NRMA Insurance representing nearly 73% of total claims. The number of claims is expected to rise further over the coming days, with the event still unfolding and as customers identify damage to their property.
IAG Managing Director and CEO Nick Hawkins said IAG’s priority is the safety of its customers and communities.
“The tragic loss of life and devastation from this disaster is heartbreaking,” Mr Hawkins said.
“Ensuring the safety of residents is our priority and we urge everyone to follow the directions of the emergency services who, once again, are doing an incredible job rescuing people from floodwaters.
Nick Hawkins
Managing Director and CEO
“Ensuring the safety of residents is our priority and we urge everyone to follow the directions of the emergency services who, once again, are doing an incredible job rescuing people from floodwaters.
“Our dedicated Major Events team is supporting customers with emergency help such as temporary accommodation and ensuring properties are safe and secure. Our teams are assessing properties wherever possible and will move into the flood impacted areas as soon as waters recede,”
Mr Hawkins added.
After allowing for quota share arrangements, the combination of all catastrophe covers results in IAG having a maximum event retention of $95 million, as indicated in its 1H22 results on 11 February 2022.
