IAG lifts expected Canterbury quake claim costs by up to $1 bln

Tue, 23 Dec 2014

By Paul McBeth Dec. 23 (BusinessDesk) - Insurance Australia Group, New Zealand's biggest general insurer, expects as much as $1 billion more in final claims from the 2010 and 2011 Canterbury earthquakes that levelled the country's second biggest city due to an increase in forecast rebuild costs and a number of adverse court judgments. The Sydney-based company anticipates final claims from the quakes to increase by between $750 million and $1 billion, though still expects those claims to fall within its $4 billion reinsurance limit, it sai...

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