IAG NZ posts $592.4 million loss in 2014-15

Posted On: Nov. 3, 2015 12:00 AM CST

IAG New Zealand Ltd., part of Insurance Australia Group Ltd., has posted a $592.4 million loss in the 2014-15 financial year and is holding Canterbury earthquakes responsible for the loss, reported Stuff.co.nz.

A report said that IAG New Zealand continues to be affected by the quakes but said significant reinsurance arrangements helped "immunize the group against the cost of these natural peril events."