Wesfarmers Insurance Division evades gas crisis
Wesfarmers Insurance Division has escaped the fate of the group’s other arms after the explosion at Varanus Island earlier this month which imperilled WA’s energy supplies.
Wesfarmers MD Richard Goyder says the impact of the WA gas crisis on the division is being assessed but it looks to have come off unscathed.
“We expect [the impact on the insurance division] to be minor as we have relatively little exposure to large industrial operations,” he said.
Mr Goyder estimates the group will lose about $20 million a month in gross profit at the current level of gas supply.
It hopes to recoup some of that loss through business interruption insurance. A spokesman declined to reveal the group’s business interruption arrangements.
Wesfarmers MD Richard Goyder says the impact of the WA gas crisis on the division is being assessed but it looks to have come off unscathed.
“We expect [the impact on the insurance division] to be minor as we have relatively little exposure to large industrial operations,” he said.
Mr Goyder estimates the group will lose about $20 million a month in gross profit at the current level of gas supply.
It hopes to recoup some of that loss through business interruption insurance. A spokesman declined to reveal the group’s business interruption arrangements.