Insurance Group Australia (IAG) has announced an increase in its catastrophe reinsurance programme from $5 to $5.6 billion for the 2014 calender year.
IAG’s Chief Financial Officer, Mr Nick Hawkins, said the Group had taken the opportunity of more favourable reinsurance market conditions to bolster key aspects of its catastrophe protection. “Our catastrophe reinsurance programme remains an intrinsic part of our capital management strategy,” said Mr Hawkins. “The structure of the programme is similar to that of prior years, and contains an element of multi-year cover, notably up to the $500 million layer and above $4 billion.
IAG’s brands in Australia include CGU, NRMA and RACV, they distribute a range of personal and commercial insurance products, both directly to the customer and indirectly through a network of intermediaries.
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