Insurance Australia Group (ASX:IAG) said it has been tracking tropical cyclone Alfred over the past week to ensure its claims teams, assessors and partner builders are prepared to help its customers as needed, according to a Wednesday Australian bourse filing.
The insurance firm said its reinsurance program includes quota share reinsurance that covers nearly 33% of all losses, with a catastrophe cover for almost 68% of all losses above AU$500 million up to AU$10 billion, among other coverages.
The cyclone is currently expected to make landfall between Brisbane and the Sunshine Coast, with communities across South East Queensland and Northern New South Wales expected to be impacted by very strong winds, intense rainfall, potential flooding, and large swells, the filing added.
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