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

Posted On: Aug. 19, 2019 6:56 AM CST

Christchurch Cathedral ruins in 2016, five years after the 2011 Christchurch earthquake/ SHUTTERSTOCK.COM

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.