IAG reserves $640 million for potential BI claims influx

Insurance Australia Group Ltd. is preparing for an influx of COVID-19 related business interruption insurance claims from small businesses if the Australian insurance industry loses a second BI test case, The Sydney Morning Herald reported. IAG has received fewer than 1,000 COVID-19 related BI claims to date, but has reserved around $865 million Australian ($640 million) for potential BI claims influx.