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IAG stops writing property business in Wellington

Wellington, New Zealand

Megan Woods, New Zealand's Minister for the Earthquake Commission, said that IAG New Zealand Ltd. is refusing to write new property business in Wellington, reported citing sources. IAG New Zealand accounts for nearly half of the country's insurance market. Ms. Woods said that some insurers plan to use risk-based pricing for earthquake-prone areas, which could influence insurance rates in the country.

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