IAG includes extra A$250m for NZ in its 2024 catastrophe reinsurance

(Image: Getty)

Thu, 04 Jan 2024

Insurance Australia Group, whose brands include State, AMI and NZI, included an extra A$250 million (NZ$269m) of drop-down cover for a New Zealand-specific second event in its 2024 catastrophe reinsurance programme. The Australia-based insurer’s new programme has main catastrophe cover for two events of up to A$10.5 billion, with an attachment at A$500m. It includes A$150m of drop-down cover reducing IAG’s retention of risk to A$236m on the first two events, with an extra premium payable if it's used on a first event. ...

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