IAG renews reinsurance with cover largely replicating last year.
Comes despite earlier fears similar reinsurance might not be available.
RACQ meanwhile says less than 10% of storm claims are severely damaged homes.
Insurance giant IAG has surprisingly snagged levels of reinsurance protection similar to its old cover for disasters, overcoming management concerns such financial shields would be unavailable.
IAG’s comments about being able to purchase reinsurance – insurance for insurers in big disasters – marks a turnaround from generally pessimistic views last year about the availability of such cover at realistic prices.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
