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Insurance Australia Group snaps up cheap reinsurance cover

January 2, 2014 - 6:00am


Insurance Australia Group Ltd. has increased its catastrophe reinsurance cover by $600 million Australian ($535 million) to AUD 5.6 billion for 2014, The Sydney Morning Herald reported.

The company's finance chief, Nick Hawkins, said favorable reinsurance market conditions allowed the insurer to increase the amount. The insurer will have an AUD 100 million upper layer earthquake cover for New Zealand and Australia.

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