Just in Case You Are Interested in our Biggest Insurer ….

IAG raises catastrophe insurance to $5B January 03, 2013 10:01 AM

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.

In New Zealand, IAG owns such brands as NZI, State, AMI and Lantern. They are very big in Waimakariri.

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