IAG New Zealand’s first-half GWP leaps nearly a quarter from last year

The NZ business has processed more than 52,000 claims from the increasing risks and extreme weather events in 2023.

IAG’s New Zealand segment saw its insurance earnings reach NZ$204m in the first half of its fiscal year 2024 (1H24), up 50% from 2023. 

This resulted in a reported insurance margin of 20.8%, attributed to higher earned premiums, reduced natural perils costs, and increased investment income.

Its Gross Written Premium (GWP) in local currency increased by 18.8% to NZ$2b, driven by premium rate adjustments to address inflation and high reinsurance costs. 

ALSO READ: IAG's GWP surges 12.5% 1H’24

CEO of IAG New Zealand Amanda Whiting emphasised the importance of maintaining a robust insurance business to support customers amidst growing risks and extreme weather events like the 2023 North Island floods and Cyclone Gabrielle. 

IAG has processed over 52,000 claims from these events, with the majority of claims settled, totalling over NZ$1b in insurance payouts, second only to the Canterbury earthquakes.