Jan 3 (Reuters) - Insurance Australia Group Ltd (IAG) said on Wednesday it has finalised its catastrophe reinsurance program for the 2018 calendar year, cutting its catastrophe coverage on a net of quota share basis.
The company said in a statement it is reducing its catastrophe main coverage to A$5.23 billion ($4.09 billion) representing a 16 percent reduction from the prior year, consequently increasing the firm's exposure to catastrophes.
IAG added it experienced "modest upwards pressure" on reinsurance rates during the renewal process.
($1 = 1.2773 Australian dollars)
Jan 3 (Reuters) - Insurance Australia Group Ltd (IAG) said on...
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