January 23, 2020 / 10:14 PM / a month ago

Insurance Australia Group expects hailstorm claims to hurt margin

Jan 24 (Reuters) - Insurance Australia Group on Friday cut its full-year outlook for insurance margin, mainly due to claims from hailstorms in Melbourne, Canberra and Sydney in January.

The company expects a pre-tax cost of A$169 million ($115.58 million) from the claims and said it had received over 28,000 claims relating to the hailstorm as of Jan. 23.

It now expects insurance margin guidance in the range of 14.5%-16.5%, compared with the previously advised 16%-18%.

$1 = 1.4622 Australian dollars Reporting by Shreya Mariam Job in Bengaluru; Editing by Arun Koyyur

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