IAG gets five-year natural perils reinsurance from Berkshire and Canada Life Re

Australian primary insurer IAG has entered into a long-term natural peril reinsurance agreement with Berkshire Hathaway and Canada Life Re, with the company saying the arrangement gives it material downside protection against weather volatility and severe weather event impacts.

Australian insurers have been impacted year after year by natural catastrophe and severe weather losses that have reduced their profitability and IAG is taking action to make its results more predictable and less…