Australian insurer IAG has revealed loss activity in H1 of the fiscal year (FY) 2024 eroded the retention layer beneath its aggregate reinsurance treaty by $250 million.
According to the firm, natural peril and catastrophe losses cost the company $521 million in H1 of the FY, with the biggest contributor being Christmas hail and thunderstorms in New South Wales, Queensland and Victoria, which drove losses of $169 million.
As covered back in July of 2023, IAG secured aggregate reinsurance protection of $250 million in excess of $600 million for the FY 2024, with individual qualifying events capped at $200 million in excess of $50 million per event.
The Australian insurer has now revealed that cat losses resulted in an erosion of $250 million of the deductible beneath its aggregate reinsurance cover.
With the $521 million natural peril costs of H1 of FY 2024 being slightly below budget, IAG has $577 million left for the second half of its 2024 fiscal year to the end of June.
IAG’s main catastrophe program was renewed for 2024 in January, purchasing more protection than originally expected, with the main cover for two events rising by $500 million to $10.5 billion, with an unchanged attachment point of $500 million.
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