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IAG's New Zealand unit pays out $2.9 billion for Canterbury earthquakes damage

August 21, 2014 - 6:00am

Insurance Australia Group Ltd.'s New Zealand arm has paid out more $3.3 billion New Zealand ($2.9 billion) for the Canterbury earthquakes damage and has settled 58% of the claims, The New Zealand Herald reported.

The insurer said the expected completion date to settle all claims has been pushed to mid-2016 due to increased complexities. Despite the huge payouts, the insurer's New Zealand operations made $180 million Australian in profit in the year ended June 30, an increase of 56%.

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