Business
IAG chief criticises policy wording ‘in hindsight’ after $460m loss – Sydney Morning Herald
Bungled business interruption policies could cost IAG north of $1 billion. CEO Nick Hawkins said the policies should have been written more clearly.
Obviously there were some wordings there that with hindsight arent as clear as they could have been, Mr Hawkins told The Age and Sydney Morning Herald, after reporting the groups interim results.
Of course, they should have been updated at the time. With hindsight, that would have been a good move.
IAG said it had so far received 500 business interruption claims from a mix of small and larger businesses. Chief financial officer Michelle McPherson would not reveal the value of these claims but said…
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