IAG announced that its Thailand business has received almost 1,500 claims arising from the severe flooding in the country. The group’s assessment of net claims loss is estimated at AUD50 million (GBP31.9 million), after allowance for reinsurance recoveries.
IAG Managing Director and CEO Mike Wilkins said: “Thailand is experiencing its worst flooding in half a century, with many lives lost and thousands of homes and businesses affected. It has clearly been a very difficult time for people in and around Bangkok and our thoughts are with our people and customers there. In particular, a number of our commercial customers have been impacted by this event.
“Our preliminary estimate is a net claim cost to the Group of around AUD50 million, however we expect claim assessments to take several weeks to complete as the water level slowly recedes. This estimate assumes the remaining protection available under the Group’s aggregate reinsurance cover, of approximately AUD25 million, is fully utilised.”
IAG provides insurance in Thailand under the Safety and NZI brands. Safety is predominantly a motor insurer and represents over 80% of IAG’s gross written premium (GWP) in Thailand. The NZI brand, which is focused on commercial insurance, accounts for the balance.
Source : IAG
