IAG NZ receives $1 billion to settle Canterbury earthquake claims

IAG New Zealand Ltd. has received a cash infusion of $1.57 billion New Zealand dollars ($1 billion) from its parent company Insurance Australia Group to settle the Canterbury earthquake claims after it ran into a funding crunch, Interest.co.nz reported.

IAG had around NZD 4 billion in reinsurance cover for Canterbury earthquake and IAG NZ had around half of that. IAG said it still has to pay some NZD 1.13 billion to settle outstanding claims for the quake.

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