IAG is bracing for $865 million in business interruption claims following a ruling in the NSW Supreme Court of Appeals that found pandemic exclusions were not valid.
The insurance giant has signalled it is unlikely to pay a dividend after losing $280 million in investment income.
The insurance giant has called for greater action on climate change after its profit took a massive hit from extreme weather events such as fires,floods and hail.
The underpayment claim against Napoleon Perdis was not the only cause for the make-up mogul to blush on Tuesday.