Suncorp and IAG have placed their reinsurance programs for the new financial year.

Brisbane-based Suncorp says in an investor update that the structure of the main catastrophe program remains unchanged from the last financial year, with an upper limit of $6.5 billion covering the home, motor and commercial property portfolios across Australia and New Zealand.

The natural hazard allowance for this financial year is expected to be $980 million, Suncorp says.

IAG has also finalised its aggregate reinsurance cover for the current financial year but will wait until the release of its financial results on August 11 to provide more details on its natural perils allowance and the arrangements.

The insurer says that after allowing for quote share arrangements, the combination of all catastrophe covers as of July 1 results in it having a maximum event retention of $169 million.

IAG has transitioned from a calendar to financial year basis for its aggregate reinsurance and says its financial year cover provides protection of $350 million in excess of $400 million, with individual qualifying events capped at $200 million in excess of $50 million per event.

Suncorp will release its annual results on August 9.