Catastrophe losses cost IAG $425 million

Flooding in Townsville, Australia, earlier this year/ SHUTTERSTOCK.COM

Catastrophe losses cost Insurance Australia Group Ltd. $627 million Australia ($425 million) in the fiscal year ended June 2019, after burning through a stop-loss cover of $101 million, Artemis reports. At the end of June, IAG had eroded around AUD 200 million of the gross deductible for its aggregate reinsurance contract.

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