IAG faces up to $90m in cyclone claims

Insurance Australia Group says it expects claims from damage caused by Cyclone Marcia set to be about $60-90m.

Insurance Australia Group expects claims of up to $90 million from damage caused by Cyclone Marcia. (AAP)

Insurance Australia Group is facing claims of up to $90 million as a result of devastation caused by Cyclone Marcia in Queensland.

IAG says it has received about 3,500 claims for damage from customers with policies under the NRMA Insurance, CGU, Lumley Insurance, WFI and Coles brands.

It expects its net claim cost from Marcia will be $60-$90 million.

The insurance giant also said it expects full year gross written premium growth to be at the lower end of its forecast of 17-20 per cent, while its insurance margin should be 13.5-15.5 per cent.