IAG Sets Catastrophe Reinsurance Cover at Up to A$8 Billion in 2018

MELBOURNE, Australia--General insurer Insurance Australia Group Ltd. (IAG.AU) has put in place reinsurance to cover catastrophe losses of up to 8 billion Australian dollars (US$6.24 billion) in 2018.

Set in a similar manner to past years, IAG said it retains the first A$250 million of each loss.

The reinsurance program covers all territories where IAG operates, except for its joint venture business in India which has its own reinsurance arrangements, the Australian insurer said.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

January 02, 2018 17:39 ET (22:39 GMT)