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

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)
Riley Kennedy
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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