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Insurance Australia Group Ltd (ASX:IAG) has been inundated with claims arising from the catastrophic flooding in south-east Queensland, but says it is too early to determine the likely claim costs.
From the start of 2011 the insurance group has received around 2400 claims relating to the state's currently unfolding severe weather crisis.
From December last year IAG has also received around 1200 claims arising from Cyclone Tasha's heavy rains across Queensland, that IAG estimates will involve a net claim cost of between $10 million to $30 million.
Total natural peril claim costs for the six months to 31 December 2010 are expected to be in the range of between $120 million to $140 million.
The latest claims from Queensland will be included in the group's result for the second six months of the current financial year.
In the year to 30 June 2010, IAG posted a net profit of $190 million.
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