Insurance Australia Group (ASX:IAG) said it received over 4,000 claims, primarily related to property damage from wind and water ingress, from customers impacted by Tropical Cyclone Alfred across South East Queensland and Northern New South Wales as of March 12, according to a Wednesday Australian bourse filing.
The firm's chief executive Nick Hawkins said it had significantly expanded its claims team from around Australia and New Zealand. It increased the size of its internal property assessor team, including additional specialists from its New Zealand business.
The insurer's reinsurance program includes quota share reinsurance covering 32.5% of all losses and a catastrophe cover for 67.5% of all losses above AU$500 million up to AU$10 billion.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.