Insurance Australia Group (ASX:IAG) has finalised its catastrophe reinsurance program for the 2019 calendar year, increasing it by $1 billion to $9 billion.
This is to provide additional protection for extreme events for the year.
The program has been placed to the extent of 67.5 per cent to reflect the cumulative whole-of-account quota share position of 32.5 per cent.
Insurers are counting the costs of a huge hailstorm in NSW in late December and this year are monitoring heatwave conditions in many states and cyclone risks in north Queensland.
Shares in Insurance Australia Group (ASX:IAG) are trading 1.59 per cent higher at $7.02.