IAG (ASX:IAG) finalises $10b catastrophe resinsurance

Company News

by Rachael Jones

IAG (ASX:IAG) has finalised its catastrophe reinsurance program for the 2021 calendar year, maintaining its gross reinsurance protection cover at up to $10 billion, the same level as 2020.

IAG will retain the first $250 million of each loss.

Around 65 per cent of the gross main catastrophe program for calendar 2021 is protected by multi-year coverage, providing certainty of future reinsurance cover.

IAG will have the following maximum event retentions in Australia: first event of $169 million for Australia, second event of $169 million, and third event of $34 million.

Shares in IAG (ASX:IAG) are trading 1.3 per cent higher at $4.71.