News: IAG Insurance Australia Finalises Catastrophe Reinsurance For 2020 & Updates On perils

Jan 3 (Reuters) - Insurance Australia Group Ltd (IAG) :

• IAG FINALISES CATASTROPHE REINSURANCE FOR CALENDAR 2020 AND PROVIDES PERILS UPDATE
• FINALISED CATASTROPHE REINSURANCE PROGRAM FOR 2020 CALENDAR YEAR, INCREASING ITS GROSS REINSURANCE PROTECTION TO UP TO $10 BILLION
• AS OF 2 JANUARY 2020 RECEIVED OVER 2,800 BUSHFIRE-RELATED CLAIMS SINCE BEGINNING OF SEPTEMBER 2019
• MAJORITY OF THESE CLAIMS RELATE TO RESIDENTIAL PROPERTIES.
• OVERALL BUSHFIRE EVENTS ARE ANTICIPATED TO CONTRIBUTE OVER $160 MILLION OF NET CLAIM COSTS IN 1H20, POST-QUOTA SHARE
• BASED ON INITIAL ESTIMATES IAG ANTICIPATES ITS NET NATURAL PERIL CLAIM COSTS FOR HY WILL ABOUT $400 MILLION POST-QUOTA SHARE