Reinsurance News
IAG
‘Limited scope’ for 2020 final dividend, says IAG
5th May 2020
Based on year-to-date investment income outcomes and its forecast FY20 insurance profit, largely driven by the ongoing coronavirus pandemic, IAG says there is presently limited scope to pay a final dividend in September 2020. This is after application of the upper end of IAG’s 60-80% of full year cash earnings payout ... Read the full article
IAG CEO Harmer announces retirement, Nick Hawkins named Deputy CEO
8th April 2020
IAG Managing Director and Chief Executive Officer Peter Harmer has announced his decision to retire by the end of 2020. A search process is underway, supported by the Board’s ongoing succession planning, that will look to identify a suitable successor. He will remain responsible for the overall strategic direction and performance of ... Read the full article
IAG reports lower 1H20 profit as catastrophe losses hit its reinsurance
12th February 2020
Australian insurer IAG has revealed that it's increased its full year 2020 net perils expectation to AUD 850 million after 1H20 natural catastrophe losses exceeded its allowance by around AUD 100 million, leading to significant reinsurance recoveries. The firm has released its results for the half year ended December 31st, 2019 ... Read the full article
Hailstorms see Australia’s IAG claim under its main catastrophe program
24th January 2020
Australian insurer IAG has revealed that losses as a result of hailstorms which hit parts of Melbourne, Canberra, and Sydney earlier this month, will see it make a claim under its 2020 main catastrophe reinsurance program. The insurer's calendar year 2020 main cat reinsurance program provides it with per-occurrence coverage for ... Read the full article
Bushfire losses to rise but remain manageable, says Moody’s
9th January 2020
Moody's Investors Service has warned of a dent to profits from the ongoing bushfires ravaging parts of Australia, but says that the strong fundamentals of the region's property and casualty (P&C) insurers suggests that losses will be manageable. As of January 7th, 2020 the Insurance Council of Australia (ICA) had ... Read the full article
IAG buys more reinsurance at Jan renewals, taps coverage for bushfires
3rd January 2020
Australian insurer IAG has finalised its catastrophe reinsurance program for the coming year, having increased its coverage from $9 billion to $10 billion at the recent January 1 renewals. Chief Financial Officer Nick Hawkins explained that the structure of the program remained similar to previous years, while the cost was in ... Read the full article
IAG announces sale of its interest in SBI General Insurance
18th October 2019
Insurance Australia Group Limited (IAG) has announced an agreement to sell the entirety of its 26% interest in its joint venture with the State Bank of India, SBI General Insurance Company, through two transactions. The transaction includes an agreement with Napean Opportunities LLP, which is part of Premji Invest, to acquire ... Read the full article
IAG lifts nat cat allowance after erosion of stop-loss reinsurance in FY19
8th August 2019
Australian insurer IAG has reported that at AUD 627 million, natural peril claims costs for the full-year 2019 exceeded its allowance by AUD 19 million, after the exhaustion of its FY19 stop-loss reinsurance protection, which provided the firm with AUD 101 million of cover in the second-half of the year. For ... Read the full article
IAG adds George Savvides to Board as Independent Non-Exec Director
14th June 2019
Australian primary insurer Insurance Australia Group Limited (IAG) has announced the appointment of George Savvides as an Independent Non-Executive Director of its Board. It’s hoped that Savvides’ appointment will enable the company to bolster customer satisfaction, business simplification and agility. He joins with extensive executive experience, serving as Chief Executive Officer of ... Read the full article
IAG to roll out new home, contents pricing
30th April 2019
Australian primary insurer Insurance Australia Group Limited (IAG) has notified customers with home and contents insurance of potential changes to their premiums. The alterations, starting July 1, are a result of adjustments made to the cover provided by the Earthquake Commission (EQC), as well as from IAG taking more account ... Read the full article
Singapore targets ILS with issuance of first catastrophe bond
27th February 2019
For the first time in the history of the catastrophe bond market, a transaction has been issued out of Singapore, underlining the potential of the insurance-linked securities (ILS) market in the region. The deal, Orchard ILS Pte Ltd, is sponsored by Insurance Australia Group (IAG) as part of its 2019 catastrophe ... Read the full article
Swiss Re, Zurich offered stake in IAG’s Indian venture, say sources
19th February 2019
Swiss Re, Zurich Insurance, Gen Re and Liberty General are among a group of almost 40 companies who have been approached to buy out Insurance Australia Group’s (IAG) 26% stake in SBI General Insurance, according to sources at The Economic Times. IAG is reportedly seeking Rs 3,400 crore (US $476 million) ... Read the full article
IAG expands catastrophe reinsurance to $9 billion of coverage
3rd January 2019
Australian primary insurer Insurance Australia Group Limited (IAG) has successfully renewed its catastrophe reinsurance protection at an expanded size of $9 billion, up from $8 billion in the prior year. The 12.5% increases in catastrophe reinsurance limit has been secured in a similar structure to 2018, to provide IAG with ... Read the full article
Sydney pummelled by hail, leaving Suncorp & IAG to claim on reinsurance
21st December 2018
A widespread and destructive hail storm has swept through Sydney resulting in over 25,000 filed claims and pushing insured losses high enough for two of Australia’s largest insurers to trigger their reinsurance. The hail, which caused extensive damage to property and motor vehicles across Sydney and the Central Coast on Thursday ... Read the full article
IAG partnership to develop ethical AI-based systems
17th December 2018
Australian primary insurer, Insurance Australia Group Limited (IAG), has partnered with The Commonwealth Scientific and Industrial Research Organisation's (CSIRO) Data61 group and The University of Sydney on the creation of an independent, not-for-profit organisation founded to research the ethics of artificial intelligence (AI). The Gradient Institute’s goal is to develop ethical ... Read the full article
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