IAG
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CFO William McDonnell said reinsurance market stabilisation in 2023 allowed the firm to buy more protection than expected.
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The pool was launched in July 2022 and is backed by a A$10bn government guarantee.
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The carrier’s net natural perils cost of A$1.2bn overshot its allowance by A$290mn in a "significant" loss year ending 30 June.
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The Australian carrier has also renewed a five-year whole-account quota share with Hannover Re.
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The carrier is increasing underlying rates to counter increased reinsurance costs and inflation.
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The carrier has increased its full-year perils cost estimate to A$1.15bn.
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The ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.
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The renewal equates to 20% of its total 32.5% quota share agreement, with another 10% having recently been renewed by Munich Re and Swiss Re.
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The carrier has renewed two of its quota shares with continental reinsurers with final negotiations underway.
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The carrier posted losses from various flooding and hail events hitting Australia in the past year.
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CatastropheThe carrier said that it intends to defend the proceeding.
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The release followed an appeal judgment from the High Court of Australia.
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The insurer predicts there will be some release from its provision, but it will happen over time and is subject to court proceedings.
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The insurer has used up about 40% of its aggregate reinsurance limit, after quota share impacts.
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A$209mn of its A$270mn agg reinsurance deductible remains eroded, in line with prior estimates.
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October storms touched the insurer’s occurrence reinsurance trigger of A$169mn.
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This is the second year the insurer has bought a fiscal-year aggregate.
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It estimated that 2021 natural peril claims would be significantly more than its allowance.
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The Australian carrier’s quota share will pick up some losses, while 38% of the deductible on its aggregate cover is eroded.
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The Australian carrier reported a 3% increase in reinsurance spend over the six-month period.
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Second- and third-event retentions rise from the year-ago arrangement.
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This event brings total Australian hailstorm losses to over A$3.64bn in 2020, Perils said.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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The carrier seeks to address potential BI liabilities following a court ruling.
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