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Insurance Australia Group (ASX:IAG) have revised their insurance margin for the 2015 financial year to 10.5 to 12.5 per cent, down from a range of 13.5 to 15.5 per cent.
Last week’s storms in NSW have resulted in 30,000 claims with a net cost of $250 million. Hailstorms on the weekend resulted in another $50 million in costs.
IAG also says costs from prior events such as Tropical Cyclone Marcia have lifted to $140 million from previous expectations of around $90 million due to continued claim notifications from commercial clients in remote areas.
Natural peril claim costs for the year have jumped to around $1 billion, around $300 million higher than previously expected.
IAG’s net profit in the first half of the 2015 financial year slipped almost 10 per cent to $642 million.
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