IAG finalises its FY22 aggregate reinsurance cover
05 Jul 2021
IAG has finalised its aggregate reinsurance cover for the financial year ending 30 June 2022.
IAG transitioned its aggregate cover from a calendar to financial year basis in 2020. The structure of IAG’s main catastrophe reinsurance program for the 2021 calendar year, which renewed on 1 January 2021, remains unchanged.
The FY22 aggregate cover provides protection of $350 million in excess of $400 million, with individual qualifying events capped at $200 million in excess of $50 million per event. The cover has been placed to the extent of 67.5% to reflect IAG’s cumulative whole-of-account quota share arrangements.
After allowing for quota share arrangements, the combination of all catastrophe covers at 1 July 2021 results in IAG having a maximum event retention of $169 million.
IAG will provide further details on its reinsurance arrangements and FY22 natural perils allowance at its FY21 results on 11 August 2021.