IAG raises forecast for natural perils to $788 million after floods

Insurance Australia Group Ltd. has increased its forecast for its natural peril claims by $162 million to $788 million for fiscal year ending June 2023, to reflect the impact of the Auckland floods, Asia Insurance Review reported. IAG's subsidiaries AMI Insurance, State Insurance, NZI Insurance and partner brands have already received over 15,000 flood claims as of Feb. 3.