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IAG cuts catastrophe reinsurance coverage by 15%

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Insurance Australia Group Ltd. has cut its catastrophe reinsurance coverage for 2018 on a net of quota-share basis, Reuters reported. Under the new program, IAG's gross main cover for a "first catastrophe event" drops by $970 million Australia ($759.3 million) to AUD 5.2 billion. The insurer will pay up to AUD 169 million in losses for such an event, instead of the AUD 200 million it paid out previously. The amount placed under the program is 67.5% compared with 80% in 2017 due to new quota share agreements, which came into effect on Jan. 1.

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