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Insurance Australia Group Finalises Catastrophe Reinsurance for Calendar 2020 and Provides Perils Update

03 Jan 2020  |  09:54:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Catastrophe reinsurance for calendar 2020 and perils update

Insurance Australia Group advised that it has finalised its catastrophe reinsurance program for the 2020 calendar year, increasing its gross reinsurance protection to up to $10bn. The Company experienced relatively stable reinsurance rates during the renewal process, with the overall expense outcome in line with the associated assumption in its FY 2020 reported margin guidance. The overall credit quality of the 2020 program is positive with over 92% placed with entities rated A+ or higher. As at the close of 2 January 2020, Company had received over 2,800 bushfire-related claims since the beginning of September 2019, with in excess of 1,500 of these lodged since the start of December 2019. The majority of these claims relate to residential properties.

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