Insurance Australia Group bolsters reinsurance for 2019

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.