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IAG FINALISES 2012 CATASTROPHE REINSURANCE COVER
04/01/2012
IAG today announced that it had finalised its catastrophe reinsurance programme for the period commencing 1 January 2012. The programme encompasses protection of up to $4.7 billion, compared to $4.1 billion in 2011.
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Since 23 December 2011, the Canterbury region of New Zealand has suffered a number of further earthquakes and aftershocks. Based on early claims activity in the State and NZI businesses, IAG does not currently expect this to be a material claims event. At the time of these events, and under the catastrophe reinsurance cover which operated up until 31 December 2011, the Group's maximum potential exposure to a single event was approximately $250 million. The Group will release its results for the six months ended 31 December 2011 on 23 February 2012. – ends – About Insurance Australia Group Limited IAG is an international general insurance group, with operations in Australia, New Zealand, the United Kingdom and Asia. Its current businesses underwrite over A$8 billion of premium per annum, selling insurance under many leading brands including NRMA Insurance, CGU, SGIO, SGIC, Swann and The Buzz (Australia); NZI and State (NZ); Equity Red Star (UK); and Safety and NZI (Thailand). For further information please visit www.iag.com.au. Insurance Australia Group Limited CORPORATE AFFAIRS INVESTOR RELATIONS ABN 60 090 739 923 Andrew Tubb Simon Phibbs 388 George Street T 02 9292 3134 T 02 9292 8796 Sydney NSW 2000 Australia M 0411 014 771 M 0411 011 899 T +61 (0)2 9292 9222 E andrew.tubb@iag.com.au E simon.phibbs@iag.com.au www.iag.com.au Page 3 of 3