Well within provision, those storms happen in Sydney every change in season, widespread hail, trains disrupted, house roofs off, if it happened, it was an expected loss. IMHO IAG's FV despite the small decrease in margins in personal lines and competition in commercial lines is about $6.30/$6.40. In a benign natural catastrophe environment, margins in personal lines could lead to IAG's SP retracing $6.50. IAG is now the favoured insurer of all the four major Australian insurers due to life insurance/ Marcia/ CEO issues at SUN. toppy SP at QBE and consolidation issues at SDF. On other hand. IAG's consolidation of Lumleys goes well.
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