Biggest home insurer to charge more for natural disaster and weather risk

Insurance Australia Group – New Zealand’s largest general insurer – says its customers who live in areas prone to natural disasters and severe weather may have to pay more for insurance.

From July 1 the insurer will take more account of risk in its premiums and roll out changes to all its brands as well as the insurance its sells through banks ASB, BNZ, The Co-Operative Bank and Westpac.

Last year it changed the premiums for its AMI and State Insurance customers to take into account risk from earthquakes and floods with some areas seeing an average premium increase of $91 and others an average cut of $54.


By: Tamsyn Parker, Money Editor, NZ Herald

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