Insurance Australia Group says it is too early to determine the extent of damage after the quake in Christchurch. The insurer said it is focussed on assisting customers affected by the event. The group said it expects claim costs from the event to be entirely covered by its reinsurance arrangements. Subject to the damage caused by the Christchurch earthquake, the loss from a subsequent major event this calendar year would be capped at a maximum of $175m.
IAG managing director and chief executive Michael Wilkins said the group’s New Zealand businesses, State and NZI, had mobilised resources to meet customers’ needs. “As with all such events, our priority is our customers and so far we’ve responded to more than 2000 calls,” Mr Wilkins said.
“At this stage it is too early to determine the extent of damage to our customers’ property, however, we expect it is likely to be significant. The entire event will be covered by their reinsurance arrangements.
