IAG NZ feels pinch of increased regulation

By Dan Brunskill | Thu, 13 Feb 2020


Insurance Australia Group’s New Zealand division faced increased costs as the sector comes under more intense regulatory scrutiny but said it hasn’t found any customer issues that need fixing.The insurer is New Zealand’s largest, claiming about 47 percent of the market across its NZI, AMI, State and Lumley brands. IAG’s first-half accounts showed its New Zealand underwriting expenses were largely flat at A$99 million in the six months ended Dec. 31, largely because it was able to manage its costs closely to offset a greater compliance and regul...