Reinsurance News
IAG
IAG sees rising Victoria flood & storm claims, may tap reinsurance
17th June 2021
IAG has received roughly 4,300 claims as a result of the property damage caused by Victoria's recent exposure to destructive weather events. The Australian insurer expects claims to continue rising as residents return to their homes and inspect the damage and warned that its stop loss reinsurance could be close to attaching. As ... Read the full article
Australia’s flood loss hits $438m, IAG & SUN likely to exceed cat budget
29th March 2021
A new report from Morgan Stanley states that Australian insurers IAG and Suncorp are now likely to exceed their catastrophe budgets for 2021 by a modest amount, after it was announced that the country has so far been inflicted with flood losses of $438 million. As of this morning, 29,213 insurance ... Read the full article
IAG’s FY21 nat cat claims to exceed allowance on rainfall / flooding
26th March 2021
Australian insurer IAG has announced estimated FY 2021 net natural perils claim costs of between AUD 660 million to AUD 700 million compared to its perils allowance of AUD 658 million, as claims continue to come in for the widespread flooding in New South Wales (NSW) and Queensland. Earlier this month, ... Read the full article
Greensill collapse does not ‘crystallise any exposure for TMNF,’ says Tokio Marine
23rd March 2021
Japanese insurance giant Tokio Marine has said that the insolvency of financial services company, Greensill Capital, does not result in any exposure to the Australian branch of Tokio Marine & Nichido Fire Insurance Co., Ltd (TMNF). Greensill, a specialist in supply-chain finance, filed for administration earlier this month after warning that ... Read the full article
Australian insurers ramp up flood support, provide reinsurance updates
22nd March 2021
Australia’s major insurance providers including Suncorp and IAG are ramping up efforts to support customers affected by severe flooding currently unfolding across New South Wales and South East Queensland. The ICA has declared a catastrophe for large parts of NSW, following the evacuation of around 18,000 residents following widespread and ... Read the full article
Tokio Marine says reinsurance protects it against Greensill losses
10th March 2021
Japanese insurance giant Tokio Marine has told the Financial Times that it expects its exposure to the collapse of supply-chain financing group Greensill will be limited by its reinsurance protection. The exposure comes through trade credit insurance policies relating to the, extremely well-documented by the FT's journalists, collapse ... Read the full article
IAG reshuffles leadership team
10th March 2021
Australian insurer IAG has announced several key appointments within its leadership team, including the appointment of Julie Batch as Group Executive Direct Insurance Australia. Batch has acted as IAG’s Group Executive Intermediated Insurance Australia since November, in addition to leading IAG’s Strategy & Innovation division. She was previously the company’s Chief ... Read the full article
IAG confirms zero exposure to Greensill collapse
9th March 2021
Australian insurer IAG has clarified that it has no net insurance exposure to trade credit policies relating to the collapse of financial services company Greensill Capital. Greensill, which specialises in supply-chain finance, filed for administration earlier this week after warning that it is in “severe financial distress” and unable to repay ... Read the full article
IAG falls to half-year loss despite reinsurance recoveries
10th February 2021
Australian insurer IAG has fallen to a half-year loss of $460 million despite recovering $90 million of catastrophe costs under its aggregate reinsurance cover. The company’s loss over the H1 2021 period compares with a return of $283 million for the same period in the previous year. However, IAG’s insurance profit actually ... Read the full article
IAG completes $10bn catastrophe reinsurance renewal
6th January 2021
Australian insurer IAG has completed its 2021 catastrophe reinsurance program, maintaining its gross protection cover at up to $10 billion, with IAG retaining the first $250 million of each loss. Both the level of gross protection and retention of each loss are the same as the insurer's 2020 catastrophe reinsurance program. IAG ... Read the full article
IAG completes $650mn institutional placement following BI hit
24th November 2020
IAG has successfully completed a $650 million fully underwritten institutional placement, as the company looks to compensate for an anticipated $865 million hit from pandemic-related business interruption claims. A NSW Court of Appeal ruled last week that insurers could not decline business interruption claims due to incorrectly worded exclusions for ... Read the full article
IAG set for sizeable capital raise following $865mn pandemic BI hit
20th November 2020
Australian insurance group IAG intends to recognise a $865 million hit from pandemic-related business interruption claims and as a result will be looking to raise $750 million in new equity capital. IAG’s announcement follows a NSW Court of Appeal ruling that insurers could not decline business interruption claims due to incorrectly ... Read the full article
IAG appoints Nick Hawkins to lead as CEO
21st September 2020
Australian insurer IAG has announced the appointment of Nick Hawkins as Managing Director and Chief Executive Officer, effective November 2. Hawkins succeeds Peter Harmer, who is set to depart the company after announcing his retirement in April. He joined IAG in 2001 and was appointed Deputy CEO in April this year after 12 ... Read the full article
IAG recovers $700mn from reinsurers after heavy cat year
7th August 2020
Australian insurer IAG has posted a 59.6% downturn in net profits for the fiscal year ended June 30th, 2020, offset by AU $700 million (US $504 million) of recoveries from its catastrophe reinsurance program. IAG’s net profit after tax came to $435 million for FY20, compared with $1.08 billion in the ... Read the full article
IAG enhances reinsurance use; CEO notes “immensely challenging” six months
24th July 2020
Australian insurer IAG has further strengthened its overall reinsurance position with the purchase of a new aggregate catastrophe reinsurance cover and a stop-loss protection for retained natural perils. The company has provided an update on its results for the fiscal year ended June 30th, 2020 and also offered some insights into ... Read the full article
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