As I mentioned in posts 65 and 73, the QANTAS retention of their insurance will be minimal, they simply don't have that kind of money.
An amount, ($100K is given in post #99), will be retained by the airline, the domestic Australian insurance market will also retain a slightly larger amount, a few million, but the bulk of the cover will be re-insurance into the London market and the other re-insurance markets, like Switzerland, Germany etc. etc.