Business
IAG launches $750m capital raising as it braces for flood of claims – Sydney Morning Herald
IAG is bracing for $865 million in business interruption claims following a ruling in the NSW Supreme Court of Appeals that found pandemic exclusions were not valid….
IAG said it had only received a small number of BI claims to date, but put aside $865 million for claims that could follow the court judgement. This allocation is much larger than those of IAG’s competitors, with Suncorp putting aside $195 million and QBE predicting claims would not exceed its $500 million reinsurance cover.
Mr Hawkins told analysts during a briefing on Friday IAG was more exposed to its competitors due to its market share, and was taking a conservative approach to modelling.
IAG…
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