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Insurance Australia Group cuts catastrophe reinsurance coverage for 2018
January 2, 2018 / 10:45 PM / 14 days ago

Insurance Australia Group cuts catastrophe reinsurance coverage for 2018

Jan 3 (Reuters) - Insurance Australia Group Ltd said on Wednesday it has finalised its catastrophe reinsurance program for the 2018 calendar year, cutting its catastrophe coverage on a net of quota share basis.

The company said in a statement it is reducing its catastrophe main coverage to A$5.23 billion ($4.09 billion) representing a 16 percent reduction from the prior year, consequently increasing the firm’s exposure to catastrophes.

IAG added it experienced “modest upwards pressure” on reinsurance rates during the renewal process. ($1 = 1.2773 Australian dollars) (Reporting by Aaron Saldanha in Bengaluru; Editing by Cynthia Osterman)

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