IAG profits on the back of premium hikes

IAG is the largest general insurer in NZ. (Image: Supplied)

Fri, 16 Feb 2024

The country’s largest general insurer is reporting a higher profit than it did before Cyclone Gabrielle, as it has hiked home insurance premiums by an average of almost 30%.Insurance Australia Group’s (IAG) New Zealand insurance profit rose to A$204 million ($218m) in the six months to December 2023, up from A$136m in the same period of the prior year.It experienced this growth despite losing customers, as its gross written premium rose by 20% to A$1.5 billion.IAG trades under the AMI, State, NZI, NAC, Lumley and Lantern brands, and...

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