Australian insurer IAG is expecting net claims of A$65m from the earthquakes and aftershocks that hit Christchurch, New Zealand on 13 June.
The cost will be included in the Group’s financial results for the year ended 30 June 2011, and is after allowance for a A$50m recovery under the Group’s aggregate reinsurance cover.
Despite the additional earthquake claim, IAG chief executive Mike Wilkins said the group still expects to report a full-year 2011 insurance margin of 8%–10%, in line with guidance issued in February.
The latest quakes will bring IAG's total natural disaster claims bill for its 2011 financial year to A$600m. However, the company expects the bill to be offset in part by a higher contribution from prior-year reserve releases, which it now expects to exceed the A$228m reported in 2010.
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