IAG pegs net flooding loss at A$135mn
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IAG pegs net flooding loss at A$135mn

Flood waters, Northern New South Wales, Australia

Insurance Australia Group (IAG) has estimated the cost of this month’s severe flooding in Queensland and New South Wales (NSW) so far at A$135mn ($103mn), net of its quota-share reinsurance arrangements.

The carrier cedes 32.5% of its consolidated business to reinsurers. Of this, 20% is ceded to Berkshire Hathaway in a 10-year deal that began in 2015.

The

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