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    IAG   AU000000IAG3

INSURANCE AUSTRALIA GROUP LIMITED

(IAG)
  Report
Delayed Australian Stock Exchange  -  02:10 2022-09-28 am EDT
4.530 AUD   +1.80%
09/15Insurance Australia Group Limited Declares Ordinary Dividend on IAGPD - CAP NOTE 3-BBSW+4.70% PERP NON-CUM RED T-06-23 Securities for the Quarter Ending December 14, 2022, Payable on December 15, 2022
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09/08AUB Group Limited acquired Strata Unit Underwriting Agency Pty Ltd from Insurance Australia Group Limited.
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Australia's East Coast Flooding May Cost Insurers A$3.35 Billion

05/02/2022 | 10:30pm EDT

By Alice Uribe


SYDNEY--The storms and flooding that hit South-East Queensland and coastal New South Wales in February and March is estimated to have been Australia's costliest flood ever, according to the country's insurance trade association.

The Insurance Council of Australia on Tuesday said that using actual claims costs from 197,000 claims across both states, the event is estimated to have cost 3.35 billion Australian dollars (US$2.36 billion) in insured losses.

"We knew that this year's east coast flooding was one of the biggest floods in our history, but these updated numbers show that in monetary terms it was in fact the biggest ever. Only four other disasters have cost more, and this is not a record we want to beat," said ICA CEO Andrew Hall.

According to the ICA, on values normalized to 2017, this is event is the fifth most costly disaster after the Eastern Sydney Hailstorm (1999, A$5.57 billion), Cyclone Tracey (1974, A$5.04 billion), Cyclone Dinah (1967, A$4.69 billion) and the Newcastle Earthquake (1989, A$4.24 billion).

The rise in claims costs compared with previous floods can be attributed to higher costs in the Personal Property, Personal Contents and Commercial Property classes reflecting the increased cost of materials and a challenging supply chain environment, the ICA said.

Property costs made up 86.4% of claims, while motor claims and other claims made up 13% and 0.6%, respectively. More than 11% of claims have already been closed and A$580 million has already been paid to policyholders, the ICA said.


Write to Alice Uribe at alice.uribe@wsj.com


(END) Dow Jones Newswires

05-03-22 0030ET

Stocks mentioned in the article
ChangeLast1st jan.
INSURANCE AUSTRALIA GROUP LIMITED 1.80% 4.53 Delayed Quote.4.46%
QBE INSURANCE GROUP LIMITED -2.15% 11.39 Delayed Quote.2.56%
SUNCORP GROUP LIMITED 0.00% 9.95 Delayed Quote.-10.12%
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Financials
Sales 2023 8 387 M 5 437 M 5 437 M
Net income 2023 831 M 539 M 539 M
Net Debt 2023 1 679 M 1 088 M 1 088 M
P/E ratio 2023 14,6x
Yield 2023 5,50%
Capitalization 11 102 M 7 197 M 7 197 M
EV / Sales 2023 1,52x
EV / Sales 2024 1,45x
Nbr of Employees 13 650
Free-Float 99,8%
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Number of Analysts 11
Last Close Price 4,53 AUD
Average target price 5,12 AUD
Spread / Average Target 12,9%
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Managers and Directors
Nicholas Barrie Hawkins Chief Executive Officer, Director & MD
Michelle McPherson Chief Financial Officer
Thomas William Pockett Chairman
Neil Morgan Chief Operating Officer
Jonathan B. Nicholson Independent Non-Executive Director