The FY23 aggregate cover provides protection of $350 million in excess of $500 million, with individual qualifying events capped at $200 million in excess of $50 million per event. Third and fourth event financial year occurrence covers have been purchased to provide $100 million of protection for events greater than $150 million.
The aggregate 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 in force
at 1 July 2022 results in IAG having a maximum event retention of $135 million.
IAG has extended an arrangement for a 2.5% whole-of-account quota share that was due to expire on 30 June 2022 for a further twelve months.
IAG also advises that its Munich Re quota share arrangement covering 30% of the combined CTP book has been extended for a period of three years to 30 June 2025.
IAG will provide further details on its reinsurance arrangements at its FY22 results announcement on 12 August 2022.