Australia's IAG receives 700 damage claims from cyclone Marcia
Posted On: Feb. 23, 2015 12:00 AM CSTInsurance Australia Group Ltd. has received 700 claims related to damage from the recent Cyclone Marcia that crossed the country's Queensland state coast, Business Insider Australia reports.
About 90% of claims are concerning property damage in New South Wales and Queensland states.
The insurer's current maximum exposure is $250 million Australian ($196 million).
The Insurance Council of Australia said that insurers have received 3,200 claims so far.