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BRIEF-Insurance Australia finalises catastrophe reinsurance program for 2017
January 3, 2017 / 9:48 PM / a year ago

BRIEF-Insurance Australia finalises catastrophe reinsurance program for 2017

Jan 4 (Reuters) - Insurance Australia Group Ltd

* has finalised its catastrophe reinsurance program for 2017 calendar year

* reinsurance program constructed in a similar manner to prior years, and provides gross reinsurance protection of up to $7 billion

* iag retains first $250 million of each loss ($200 million post-quota share), with three prepaid reinstatements secured for lower layer of main program

* iag’s 2017 catastrophe reinsurance program contains an increased multi- year component, which involves several counterparties

* program covers all territories in which iag operates, with exception of its joint venture interest in India

* in addition, IAG has a separate natural perils cover of $96 million in excess of $680 million

* combination of all catastrophe covers results in post-quota share first event retentions of $200 million for australia, nz$200 million for NZ Source text for Eikon: Further company coverage:

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