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Insurance Australia Group Limited (ASX:IAG) has announced details of its Group Catastrophe reinsurance program for the 2013 calendar year.
The program’s protection cap has been raised to $5 billion from $4.7 billion last year.
CFO Nick Hawkins says the overall cost of the program is in line with the assumptions incorporated into the insurer’s FY13 insurance margin guidance of 11% to 13%.
Mr Hawkins says IAG’s reinsurance programme forms an integral part of the company’s approach to capital management.
IAG achieved a net profit of $265 million in the 2012 financial year.
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