New Zealand earthquake loss continues deterioration trend
Wednesday, 11 04 2015, Category: Insurance and Reinsurance, Country: Asia
The 2011 Canterbury, New Zealand earthquakes continue to demonstrate how complicated an event major earthquakes can be, in terms of calculating losses, as Insurance Australia Group (IAG) revealed further impacts to its bottom-line from claims deterioration.
Earlier this year, IAG reported reserve strengthening for its loss reserves for the 2011 NZ quakes, which took the insurance group’s gross claims above the $4 billion (USD$2.7 billion) group reinsurance program limit.
Now IAG has revealed the impact that this has had to its bottom-line, reporting a $592.4 million loss for the 2014-15 financial year.