IAG supporting New Zealand customers following storms and flooding
IAG today said it is supporting its customers affected by the severe storms and flooding around Auckland from Friday 27 January 2023.
As of 7am Monday 30 January 2023, IAG had received more than 5,000 claims across its AMI, State and NZI brands. The number of claims is expected to rise further over the coming days, with the event still unfolding and as customers identify damage to their property.
IAG Managing Director and CEO Nick Hawkins said IAG's priority is the safety of its customers and communities.
"The tragic loss of life and the vision of the damage to Auckland is devastating," Mr Hawkins said.
"The tragic loss of life and the vision of the damage to Auckland is devastating."Nick Hawkins
Managing Director and CEO
"Our Major Event Response team has been supporting customers since Friday night, with temporary accommodation and other emergency support. We have a large team ready to help people with their claims and we will have our assessors on the ground in affected areas as soon as it is safe to do so," Mr Hawkins added.
IAG is encouraging impacted customers to lodge claims as soon as possible.
It is currently too early to determine the financial impact of the Auckland event. As the financial impact of the Auckland event becomes clearer, IAG may review its estimate for FY23 natural peril costs.
IAG has extensive reinsurance arrangements in place for natural peril catastrophe events. As announced on 10 January 2023, in conjunction with IAG's Whole of Account Quota Share arrangements, the combination of all catastrophe covers at 1 January 2023 results in IAG having a maximum event retention of $236 million.
