Reinsurance News
IAG
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
IAG says climate change could make world ‘uninsurable’: Financial Review
16th November 2018
The insurance industry will be unable to operate effectively if the current trajectory of climate change proves accurate, Insurance Australia Group (IAG) Executive Jacki Johnson told the Financial Review. Johnson’s comments come after the UN Environment’s Finance Initiative (UNEP FI) announced a partnership with a group of 16 large, global ... Read the full article
IAG buys new stop loss cover, expects higher reinsurance costs
15th August 2018
Insurance Australia Group Limited (IAG) has strengthened its reinsurance protection for 2019 with the renewal of its additional stop loss cover, which it expects will contribute to higher non-quota share reinsurance expenses. The Australian insurer reported a reinsurance expense of AU$2.24 billion in the second-half of 2018, an increase of 44% ... Read the full article
IAG to sell Thai and Indonesian operations to Tokio Marine for $525mn
19th June 2018
IAG has revealed plans to sell its operations in Thailand and Indonesia to Tokio Marine & Nichido Fire Insurance Co., Ltd (Tokio Marine) for approximately $525 million. The sale agreement relates to IAG’s interests in 98.6% of Safety Insurance in Thailand and 80% of PT Asuransi Parolamas in Indonesia. Tokio Marine is ... Read the full article
IAG signs $8bn 2018 reinsurance, reduces retention with quota-shares
3rd January 2018
Australian primary insurance giant Insurance Australia Group Limited (IAG) has successfully placed its 2018 reinsurance program, lowering its retentions thanks to its new quota-share arrangement and only experiencing modest rate pressure. For 2018 IAG has secured an $8 billion catastrophe reinsurance program, but where as last year the program was 80% ... Read the full article
IAG enters into risk sharing deals with Munich Re, Swiss Re, Hannover Re
8th December 2017
Insurance Australia Group Limited (IAG) said this morning that it has entered into reinsurance arrangements with three of the biggest companies in the world, as it looks to better manage the volatility in its results. The 3 quota share reinsurance agreements will see IAG cede 12.5% of its underwriting business through ... Read the full article
IAG reveals new single Australian division in optimisation push
19th July 2017
Insurance Australia Group Limited (IAG) has announced the establishment of a single Australian division that will be led by current IAG Chief Operating Officer (COO), Mark Milliner. The launch of the new Australian division sees IAG consolidate and simplify its operating model, combining the former Australian Consumer, Australian Business, Operations and Satellite Divisions. Current ... Read the full article
IAG warns of increased reserve releases for full-year 2017
3rd July 2017
Insurance Australia Group Limited (IAG) has raised its reported margin guidance range for full-year 2017 to 13.5% - 15.5% in response to an expected increase in reserve releases, following the completion of its preliminary review of prior period reserve releases for the financial year ended 30th June, 2017. The insurer's latest preliminary review ... Read the full article
IAG purchases additional $1 billion catastrophe reinsurance cover
9th June 2017
Australian general insurer Insurance Australia Group (IAG) has strengthened its reinsurance cover through the purchase of an additional $1 billion catastrophe protection on top of its existing $7 billion programme. The $1 billion reinsurance deal includes one prepaid reinstatement and begins on 1st of June running for a contractual period of 19 ... Read the full article
Cyclone Debbie blows the lid on IAG’s reinsurance cover
5th April 2017
The Insurance Australia Group (IAG) now expects to fully use up its FY17-specific reinsurance cover of $96 million - which is set to kick in if claims rise above the $680 million mark- after Cyclone Debbie raised the insurer's FY17 net natural peril claim cost estimations to $850 million. The IAG ... Read the full article
Sydney storms could further strain IAG’s peril costs budget
22nd February 2017
Insurance Australia Group (IAG) has received over 13,000 claims, predominantly motor, after the severe February 18th Northern Sydney hailstorm; the costs of these rising claims could place the insurer's already strained 2017 fiscal year budget under further pressure, making a fall-back on reinsurance cover increasingly likely as the year rolls ... Read the full article
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