Feb 11 (Reuters) - Insurance Australia Group (IAG) said on Friday higher claims tied to natural disasters, including severe storms and hail in October, led to a 62% drop in its half-year cash earnings.
Adverse weather conditions in Australia have triggered a wave of claims, prompting many insurers to bump up their cost forecasts to cover natural perils claims for the full year.
Earlier this week, Suncorp (SUN) reported a 29% drop in first-half cash earnings.
IAG said costs related to net natural perils claims were A$681 million ($487.94 million) for the half year, nearly A$299 million above the allowance it had set aside for the period.
Australia's top general insurer posted cash earnings of A$176 million for the six months to Dec. 31, compared with A$462 million a year ago. The figure beat a Citi estimate of A$129 million.
($1 = 1.3957 Australian dollars)
News: SUN Insurance Australia posts 62% drop in first-half cash earnings as natural hazard claims...
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