IAG New Zealand boosts annual profit; benign weather caps claims

Thu, 08 Aug 2019

By Paul McBeth Aug. 8 (BusinessDesk) - Insurance Australia Group's New Zealand division benefited from good weather in the past year, with a lack of natural peril claims and ongoing gross written premium growth driving a 79 percent jump in annual earnings. The local unit reported an insurance profit of A$390 million in the year ended June 30, up from A$218 million a year earlier. Net claims from natural events - referred to as natural perils - were just A$15 million compared to A$100 million a year earlier. That saw total claims by polic...

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