IAG expects up to $80 million in claims from the east coast storms

Cleaning up after being flooded out by the Mersey River in Tasmania. Heath Holden/Getty Images

The east coast storms at the weekend are expected to cost insurance giant IAG between $60 million and $80 million.

A short time ago, IAG shares were up 1.3% to $5.80.

IAG says it has already received 10,000 claims.

On Tuesday, the Insurance Council of Australia said insurers had received 14,500 claims across Queensland, New South Wales, Victoria and Tasmania. Insured losses were estimated at $56 million.

IAG currently expects its net natural peril claim cost for the current financial year to be $600 million.

The company is announcing full year results in August.

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