Inflation hits Suncorp NZ's margins as bad weather boosts claims

Suncorp NZ CEO Jimmy Higgins says the past financial year was disruptive. (Image: Suncorp)

Mon, 08 Aug 2022

Increasing insurance claims costs and more extreme weather have squeezed Suncorp New Zealand’s margins. Its net incurred claims rose by 17% to more than $1 billion and profit dropped by nearly a quarter.But strong growth and targeted price increases to offset the inflationary pressures have increased gross written premiums (GWP) by just over 14% to $2.1b.The Australian-listed company – which owns Vero Insurance, Asteron Life and a joint venture in AA Insurance in NZ – reported its full-year results to June 30, alongside its pa...

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