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IAG New Zealand chief says future premium rates depend on reinsurance costs

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Insurance Australia Group Ltd.'s New Zealand business is not ruling out the possibility of an increase in premiums.

IAG's New Zealand chief executive Jacki Johnson said the future rates would be determined by reinsurance costs and weather events, reported. The insurer's New Zealand reinsurance costs were much more than other parts of the Australasian group, Ms. Johnson said.

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