IAG profits rise despite above-budget cat costs

IAG reported a 7 percent year-on-year increase in profits to
A$1.18bn for its 2015-2016 financial year, which took into account
higher-than-expected natural peril costs following storms on the
east coast of Australia.
Catastrophe losses totalled A$659mn, ahead of its A$600mn
allowance for the year, albeit well down from the A$1.05bn incurred
in 2015.
IAG took losses of $116mn from the Australian east coast storms,
which came in above the A$60mn-A$80mn ($45mn-$60mn) estimate
released in June.Toge