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Insurers flooded with insurance claims from severe Aussie weather

  • by The Quotesonline Team

The highlighted today that the avalanche of insurance claims resulting from the storms and floods around Australia are decreasing the likelihood of profits for insurance companies.

It reports that Australia’s second largest general insurer Insurance Australia Group (IAG) says “the Victorian floods mean the company’s natural peril costs will exceed its budgeted allowance and the insurance margin forecast has been reduced.

Australia’s biggest general insurer Suncorp-Metway and third largest Allianz have both received thousands of claims already, and more are likely to follow. ”

There is already talk of a possible rise in insurance premiums resulting from the catastrophic weather and damage around the country in the past few weeks.

Edited from original source on

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