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New Zealand: Severe weather events take toll on FMG Insurance

July 15, 2014 - 6:00am

Earthquakes and extreme weather events in New Zealand last year have taken a toll on FMG Insurance Ltd., Radio New Zealand reported.

The insurer registered an after-tax profit of $17.5 million New Zealand ($14.3 million), compared with NZD 31.3 million ($25.9 million) in profits the previous year. Chris Black, chief executive of FMG, said the Canterbury windstorms in September and October 2013 cost about NZD 16 million-17 million.

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