IAG secures reinsurance for 2025 natural disasters

The programme offers coverage for two catastrophic events up to $6.2b.

Insurance Australia Group (IAG) has placed its catastrophe reinsurance programme for the 2025 calendar year, which helps provide financial protection against major natural disasters.

The programme, in conjunction with IAG’s whole-of-account quota share (WAQS) arrangements, offers coverage for two catastrophic events up to $6.2b (A$10b), with an attachment point at $310m (A$500m).

This coverage, combined with the WAQS, adds approximately $620m (A$1b) in annual protection, totalling up to $2.48b (A$4b) over the five-year period, for natural peril event costs below $310m (A$500m).

“IAG received strong support from reinsurance partners in placing the annual catastrophe programme. Reinsurance is a key component of our low volatility strategy providing downside protection against natural perils costs exceeding our FY25 allowance of $796.46m (A$1,283m),” said IAG Chief Financial Officer William McDonnell, in a media release.

($1.00 = A$1.61)

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