IAG New Zealand sees 80% tumble in insurance profit

About 90% of personal motor claims from the weather events have been closed. (Image: Getty)

Mon, 21 Aug 2023

IAG New Zealand saw its annual net profit sink by 80% due to the impact of the Cyclone Gabrielle and Auckland flooding events earlier in the year.The local division of Australian insurer IAG reported a profit of A$44 million (NZ$47.6m) in the 12 months ended June 30, down from A$220m a year earlier.IAG said the weather-related claims volumes in the 2023 financial year were three times higher than in 2022.“Approximately 50,000 claims were lodged for both events,” the company said.As of Monday, about 57% of the 50,000 claims had been...

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