News: IAG receives 600 claims

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Insurance Australia Group Limited (ASX:IAG) says it’s received about 600 claims from bushfire victims.

 

But with assessors unable to gain access to all affected areas and with fires still burning, the insurance company says it’s too soon to give an accurate indication of cost. 

 

IAG Managing Director and Chief Executive Officer Mike Wilkins says the group is moving quickly to help customers and has already agreed settlement terms on more than 50 per cent of the total claims received.

 

Under its calendar 2013 catastrophe reinsurance program, the group has a maximum first event retention of $150 million.

 

IAG delivered a net profit of $882 million in fiscal 2013.