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Higher premiums, few disasters drive IAG New Zealand's profit

Christchurch Cathedral ruins in 2016, five years after the 2011 Christchurch earthquake

Insurer IAG New Zealand Ltd.'s profit surged 79% to $390 million Australia ($264 million) in the financial year ended June 30 driven by to higher premiums and low natural disaster-related claims, Asia Insurance Review reported. Net claims from natural disasters totaled AUD 15 million, down 85% from AUD 100 million in the financial year ended June 30, 2018.

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