IAG lifts catastrophe reinsurance to $5b

AAP, The West Australian January 3, 2013, 9:03 am
Insurance Australia Group says it's had a 'solid' first quarter of 2010/11, as it reaffirmed guidance for the full year.

The West Australian © Insurance Australia Group says it's had a 'solid' first quarter of 2010/11, as it reaffirmed guidance for the full year.

IAG says it has raised its catastrophe reinsurance program to $5 billion for 2013, from $4.7 billion in 2012.

The catastrophe reinsurance covers all territories in which IAG operates, with the exception of AMI in New Zealand and the group's joint venture interests in Asia.

IAG says the overall credit quality of the programme is high, with over 87 per cent of the funds placed with entities that have a triple-A rating or better.

IAG owns the CGU and NRMA Insurance brands in Australia.

IAG shares were up 3.5 cents to $4.725 at 9.05am.


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