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IAG faces claims worth $865m following surprise court ruling – The Australian Financial Review
IAG will raise up to $750 million to meet an expected flood of business interruption claims, after the NSW Court of Appeal ruled pandemic exclusions do not exclude…
Insurance Australia Group chief excutive Nick Hawkins tried to reassure investors on Friday that the insurer would withstand an $865 million hit from pandemic-related business interruption claims, as he announced a $750 million snap capital raising.
The raising was a response to the NSW Court of Appeal ruling on Wednesday that insurers could not decline business interruption claims on the basis of incorrectly-worded exclusions for “quarantinable diseases”.
IAG revealed on Friday that, as of July,…
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