News: IAG Insurance Australia updates on Northern Sydney hailstorm

March 6 (Reuters) - Insurance Australia Group Ltd (IAG)

• Asx alert-further update on northern sydney hailstorm event-iag.ax
• IAG expects net claim cost from hailstorm will be around $160 million
• After allowance for reinsurance, IAG's maximum possible net exposure to this event is $200 million
• IAG's financial year-to-date net claim cost from natural peril events is estimated to be around $650 million as at end of February 2017
• Received over 20,000 claims from 18 February 2017 northern Sydney hailstorm.
• Based on an estimated cost of $160 million for hailstorm event and combination of covers in place, IAG's maximum exposure for next event is $140 million