Reinsurance News
IAG
Cat losses erode $250m of IAG’s aggregate reinsurance deductible
16th February 2024
Australian insurer IAG has revealed loss activity in H1 of the fiscal year (FY) 2024 eroded the retention layer beneath its aggregate reinsurance treaty by $250 million. According to the firm, natural peril and catastrophe losses cost the company $521 million in H1 of the FY, with the biggest contributor being ... Read the full article
IAG sees growth of 12.5% in GPW to $7.9bn, the strongest in nine years
16th February 2024
Australian insurer IAG has posted an H1 2024 gross premiums written (GWP) increase of 12.5% to $7.9 billion year over year, the strongest in the past nine years, as the firm's insurance profit increased by 75%. The group’s insurance profit of $614 million went up from $350 million in the prior ... Read the full article
IAG purchases more catastrophe reinsurance for 2024 amid more stable market
4th January 2024
Australian insurer IAG has placed its catastrophe reinsurance program for 2024, purchasing more protection than originally expected with the main cover for two events rising by $500 million to $10.5 billion, with an unchanged attachment point of $500 million. The 2024 calendar year reinsurance program is placed to 67.5% to reflect ... Read the full article
IAG joins Australia’s Cyclone Reinsurance Pool
13th November 2023
Australian insurance giant IAG has joined the Federal Government’s Cyclone Reinsurance Pool, administered by the Australian Reinsurance Pool Corporation (ARPC). According to IAG, the Pool aims to "reduce insurance premiums for eligible policyholders in cyclone-prone areas of Queensland, the Northern Territory, and Western Australia." IAG said it will pass on savings from ... Read the full article
IAG looking to achieve low double digit GWP growth in FY24
11th October 2023
Australian insurer IAG expects to achieve low double digit gross written premium growth in their fiscal year 2024 (FY24), while the firm's reported insurance margin guidance currently sits in the range of 13.5 - 15.5%. During a recent presentation, IAG's Managing Director and CEO Nick Hawkins, explained that the firm has ... Read the full article
IAG sees GWP rise 10.6% to $14.7bn in its FY results
21st August 2023
Australian insurer IAG has reported that Gross Written Premium (GWP) increased 10.6% to $14.7bn in its 2023 full year results, while insurance profit rose 37% to $803m. IAG noted that while the GWP increase was primarily due to premium rises in response to inflation pressures and higher reinsurance and natural perils ... Read the full article
IAG purchases less aggregate reinsurance with higher attachment point at renewal
7th July 2023
Australian insurer IAG has confirmed the completion of its whole-of-account quota share arrangement, aggregate reinsurance and third/fourth event covers for the financial year ending June 30th, 2024. The primary insurer has adjusted its aggregate reinsurance coverage for FY24 in light of current reinsurance market conditions. This year, IAG has secured aggregate reinsurance ... Read the full article
IAG expects natural peril losses to be above budget for FY23
14th June 2023
IAG held its Investor Day to provide an update on its strategic execution, operating environment and financial targets, with Managing Director and CEO Nick Hawkins explaining that the firm expects to moderately exceed its natural catastrophe budget again. Hawkins explained that the insurer anticipates a small net reserve release and favourable ... Read the full article
IAG unit invests in Planck for its underwriting automation operations
14th April 2023
IAG's corporate venture capital arm, IAG Firemark Ventures, has invested in global insurtech platform Planck in a bid to expand into the Australian and New Zealand commercial insurance market. Planck provides real-time answers to underwriting questions for the global commercial insurance industry and IAG said this "technology could potentially be embedded ... Read the full article
IAG sees GWP rise to $7.1bn in H123 results
13th February 2023
Australian insurer IAG has reported that Gross Written Premiums rose 7.5% to $7.1bn in H123 as strong rate rises countered higher inflation, perils expectation and reinsurance costs. Net profit after tax was also up on the corresponding half year at $468m (1H22 $173m) and included a post-tax Covid business interruption provision ... Read the full article
IAG to make reinsurance recovery of at least $114m for Auckland flooding
3rd February 2023
Australian insurer IAG has said that a preliminary assessment of expected claims from the Auckland flooding suggests that the natural perils cost impact, after reinsurance, will be at the $236 million retention level of its catastrophe and whole-of-account quota share arrangements. IAG says that gross costs for the Auckland event are ... Read the full article
Suncorp warns New Zealand floods could trigger its reinsurance
30th January 2023
Suncorp has warned that the flooding currently affecting Auckland and the North Island in New Zealand could trigger its reinsurance cover. At least 4 people have died with around 350 needing replacement accommodation as a state of emergency order continues. Residents in the affected areas have been told by authorities to brace ... Read the full article
IAG renews Berkshire Hathaway quota share, but relationship changed
12th January 2023
Australian insurer IAG has announced the renewal of its largest Whole of Account Quota Share (WAQS) agreement, with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway, but there have also been key changes to the terms of the relationship between the companies. For instance, Warren Buffett's company will be free ... Read the full article
IAG maintains $10bn cat reinsurance but increases first event retention
9th January 2023
Australian insurer IAG has completed its 2023 catastrophe reinsurance renewal, maintaining a flat gross protection cover at up to $10 billion, same as in 2022; its first event retention was increased “reflecting inflation and the global reinsurance market impacts”. The main cover provides gross protection for catastrophe losses of up to ... Read the full article
Reinsurance costs a factor in IAG premium hikes
24th October 2022
Australian insurer IAG has explained that higher reinsurance costs are a factor in its decision to increase premium rates for its customers across several lines of business. Speaking at the company’s annual general meeting, Chairman David Armstrong noted that the company performed well through the 2022 financial year despite facing a ... Read the full article
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