Business Services Industry
Insurers take a bath in NSW storms.
Australasian Business Intelligence, June, 2007
Byline: Katherine Jimenez
Jun 20, 2007 (The Australian - ABIX via COMTEX) -- The losses to insurance companies arising from claims after severe storms in New South Wales (NSW) are now set to be as high as $A540m. Suncorp-Metway has already logged some 19,000 individual claims and believes this will mean its maximum catastrophe reinsurance retention figure of $A160m will be reached. While competitor Insurance Australia Group has stated its own maximum event retention figure of $A169m will not be surpassed, some analysts doubt this. The company has already issued a profit warning due to the NSW disaster. The total industry figure of claims to be paid is forecast to be the same as for Cyclone Larry a year earlier.
Publication Date: 21 June 2007...
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