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IAG CLAIMS UPDATE
IAG today provided an update on the claims arising from ex-Tropical Cyclone Oswald in Queensland and New South Wales, as well as those from the recent bushfires in New South Wales, Tasmania and Victoria.
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NEWS RELEASE 11 FEBRUARY 2013 IAG CLAIMS UPDATE Insurance Australia Group Limited (IAG) today provided an update on the claims arising from ex-Tropical Cyclone Oswald in Queensland and New South Wales, as well as those from the recent bushfires in New South Wales, Tasmania and Victoria. IAG's Australia Direct and CGU businesses have so far received over 13,700 claims arising from ex- Tropical Cyclone Oswald, with the cost to the Group expected to be in the range of $120-140 million. Additionally, 600 claims have been received in relation to the bushfires in New South Wales, Tasmania and Victoria, with an estimated cost of around $35 million. “Our recovery operation is well underway and our absolute focus is on making sure our customers get the support they need as soon as possible,” said IAG Managing Director and Chief Executive Officer, Mr Mike Wilkins. “Our Australia Direct and CGU businesses offer flood and bushfire cover to customers across Australia and we have assessors and builders in all impacted areas already helping customers.” IAG's calendar 2013 catastrophe reinsurance programme has a maximum first event retention of $150 million. About Insurance Australia Group Insurance Australia Group (IAG) is the parent company of an international general insurance group, with operations in Australia, New Zealand and Asia. Its current businesses underwrite over $9 billion of premium per annum, selling insurance under many leading brands including NRMA Insurance, CGU, SGIO, SGIC and Swann (Australia); NZI, State and AMI (New Zealand); and Safety and NZI (Thailand). For further information please visit www.iag.com.au. Corporate Affairs Investor Relations Insurance Australia Group Limited Andrew Tubb Simon Phibbs ABN 60 090 739 923 T +61 (0)2 9292 3134 T +61 (0)2 9292 8796 388 George Street M +61 (0)411 014 771 M +61 (0)411 011 899 Sydney NSW 2000 E email@example.com E firstname.lastname@example.org Australia T +61 (0)2 9292 9222 www.iag.com.au PAGE 1 OF 1