Deadly flooding in New Zealand is shaping up as a costly event for Australian insurers, with IAG bearing the brunt due to a bigger market share and risk appetite across the Tasman than Suncorp.
Sydney-based IAG, whose NZ brands include AMI and State, on Monday flagged the possibility it would blow past its group-wide internal budgets for natural disasters for the year. Its shares lost more than 3 per cent.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
