Suncorp, IAG count costs of storms

Suncorp, IAG count costs of storms | Insurance Business Australia

Suncorp, IAG count costs of storms
Suncorp and IAG have revealed their latest claims costs and numbers from the recent hailstorms that battered Sydney.

Suncorp is responding to approximately 11,000 claims across its different insurance brands, with the majority coming from home and motor claims.

The insurer expects the financial impact to be between $150 million and $170 million.

IAG has received more than 20,000 claims from the hailstorm and expects the net claim cost for the storm to be around $160 million.

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IAG revealed its total natural hazard claims costs for the financial year-to-date, which is currently estimated at $650 million. A further $70 million was added to the total from other events in the first two months of the year.

For the eight months to February 28, Suncorp’s natural hazard claims costs are estimated between $610 million and $630 million.

Suncorp CEO and managing director Michael Cameron said the insurer is aiming to process claims “as soon as possible,” with hail assessment centres set-up in key locations along the storm’s path.

These centres, in Wollongong, Bella Vista and Willoughby, are assessing as many as 650 cars a day, Cameron said.

The Insurance Council of Australia (ICA) currently estimates that the hail storm which hit the north of the city has resulted in more than 48,000 insurance claims.

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