IAG prepares for nearly $900 million hit from BI claims
Posted On: Jan. 8, 2021 9:18 AM CST
Insurance Australia Group Ltd. is expected to post $1.15 billion Australian ($891 million) in losses for potential COVID-19 related business interruption claims in the fiscal half ending Dec. 31, 2020, Asia Insurance Review reported. IAG will reserve these losses as “corporate expense” and release the reserves later if the business dodges major pandemic-related BI claims.