IAG's NZ business posts 7.4% drop in full-year earnings on natural disaster claims

Wed, 23 Aug 2017

By Jonathan Underhill Aug. 23 (BusinessDesk) - Insurance Australia Group's New Zealand division recorded a 7.4 percent decline in insurance earnings reflecting increased claims as a result of natural disasters such as the Kaikoura earthquake last November, higher working claim costs and challenging conditions in the business insurance market. Sydney-based IAG's New Zealand business is the biggest general insurer in the country, with the AMI, State, NZI and Lumley Insurance brands on this side of the Tasman. The local division reported ins...

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