IAG has received more than 10,000 claims related to bad weather across Queensland, NSW and Victoria in the past few weeks – including more than half lodged with the recently acquired RACQ Insurance.

CEO Nick Hawkins says most claims relate to motor and property hail damage, and teams have been in Jindalee, one of the worst-hit areas in Brisbane, to help customers.

“IAG has activated its major event command centre and deployed teams of property assessors and partner builders to conduct make-safe repairs and help customers across the impacted areas,” he said today. “Our specialist hail repairers have contacted customers to begin repairs on ... vehicles.” 

Mr Hawkins says IAG has used technology that combines real-time hazard intelligence and customer data to prioritise repairs, and has contacted customers yet to lodge claims.  

Meanwhile, the company has reaffirmed upgraded financial guidance provided at its annual general meeting.

IAG says long-term reinsurance arrangements provide downside protection against perils exceeding the full-year non-RACQI allowance of $1.3 billion, and combined with whole-of-account quota shares it has about $1 billion of downside protection for non-RACQI perils.

Separate RACQ arrangements cap the net cost of the storms and hail in southeast Queensland about October 23 at $65 million. Further protections reduce the net RACQ cost of a second event to $42 million, then $33 million for a third and fourth event.

“As indicated at the time of acquisition, it is the intention of IAG to bring the reinsurance arrangements together over time,” IAG said.