IAG expects to pay over $247 million in Auckland flood claims

Nick Hawkins, chief executive at Insurance Australia Group Ltd., said that the insurer expects to pay out more than $350 million​ Australian ($247 million) for more than 15,000​ claims from the Auckland and North Island floods, Stuff reported. The insurer said it would be able to recover part of the claims cost from its reinsurers, however, it will have to pay for the first AUD236 million of claims on specific policies under its reinsurance arrangements.