IAG
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The Australian carrier boosted its overall reinsurance cover but cut back aggregate protection. -
It also put an A$166mn tally on a November Queensland hailstorm.
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The Insurance Council of Australia has tracked A$110mn ($75mn) of bushfire losses as it declared the Sunshine Coast hailstorm a catastrophe.
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The Insurance Council of Australia anticipates many more claims in the coming weeks.
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More than 150 homes have been destroyed as fires blaze across New South Wales and Queensland, according to reports.
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The carrier also claimed the full limit of an A$150mn fiscal year stop-loss aggregate.
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Winners were recognised at the 11th Trading Risk Awards ceremony, held in London last night.
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The expected losses from the December hailstorm in Sydney have risen from A$871mn to A$1.2bn.
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Orchard ILS provides IAG with $54mn of annual aggregate cover for three years.
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So far 15,571 claims have been lodged as a result of the catastrophe.
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The insurer recouped A$7mn ($5.0mn) from reinsurers under its aggregate protections.
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The hailstorm has impacted reinsurance covers for Australian carriers.
