IAG to pay up to $3.5M after earthquake assessment finds policy miscalculation

Mon, 17 Sep 2012

By Paul McBeth Sept. 18 (BusinessDesk) - IAG New Zealand, the insurer that bought the good business of AMI Insurance for $380 million, has agreed to pay up to $3.5 million after finding a miscalculation in last year's Canterbury earthquake claims in some historical home and contents policies. The Sydney-based insurer told the Commerce Commission last year about the mistake, which meant it breached the Fair Trading Act with certain policies under the State, Lantern, Corporate Partners and NZI brands, it said in a statement. IAG miscalculate...

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