Insurance Australia Group ups catastrophe reinsurance limits for 2013
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Insurance Australia Group Ltd. has finalized its catastrophe reinsurance program for 2013 with increased limits of 5 billion Australian dollars ($5.19 billion) up from AU$4.7 billion ($4.88 billion), the Sydney-based insurer announced Thursday.
“The structure of the program is similar to that for 2012, but includes increased coverage, both at the upper end of the main program and with respect to the aggregate cover,” said Nick Hawkins, IAG’s chief financial officer, in a statement.
“The group’s main program retention remains a maximum of AU$250 million ($259.3 million), reflecting the multiyear arrangement which commenced in 2012,” he said. “This retention is further reduced to AU$150 million ($155.6 million), a result of the buy-down we have in place.”
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