IAG says this month’s New Zealand earthquake and trans-Tasman storm may result in a net cost to the group of $200 million.

The quake on November 14 has prompted about 700 commercial and residential claims to the insurer.

The storm started on November 11 in Adelaide and Mildura before extending across NSW and southeast Queensland and hitting the lower part of New Zealand’s North Island.

IAG has received about 8000 claims, mostly for vehicle-related losses.

However, the insurer expects natural peril claim costs to remain within its allowance for the year.

“Assuming a net cost of $200 million from the latest events, year-to-date net natural peril claim costs would be about $340 million, compared with IAG’s full-year allowance of $680 million,” it says in an update to the Australian Securities Exchange.

MD and CEO Peter Harmer says IAG is focused on doing everything it can for customers, “including enabling them to make insurance claims as quickly and easily as possible”.