Insurer registers more than 3,500 claims

IAG New Zealand Limited
www.iag.co.nz

20 February 2004

FOR IMMEDIATE RELEASE
MEDIA RELEASE

Largest insurer registers more than 3,500 claims from adverse weather and waives domestic customer excesses

The country’s largest general insurer, IAG New Zealand, now has more than 3,500 separate claims under management as a result of this week’s severe storms in the lower and central North Island.

The insurer confirmed it expected more claims today after overnight downpours and said it would be waiving standard domestic excesses for people impacted by the storms.

Chief Executive David Smith was in Palmerston North today surveying damage and meeting customers, local authorities and MPs.

Mr Smith said the weather continued to stretch resources on the ground for IAG despite more than 50 staff working long hours to help customers from Wellington through to the Southern Taranaki, including the Wairarapa.

“The challenge from a customer response point of view has been the unusually widespread nature of the deluge. It would be safe to say we’ve heard from most people already, but getting out to properties has been another story in many cases,” said Mr Smith.

Mr Smith said many houses remained off limits or underwater due to road closures.
The worst impacted areas for IAG NZ customers were in the Palmerston North and Bulls regions, specifically Tangimoana, Rongotea and Scotts Ferry where more than 100 residents had been evacuated and property was still off limits for loss adjusters.

Mr Smith said State customers affected can contact 0800 80 24 24 for help if they haven’t already. NZI customers impacted should call 0800 800 800.

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About IAG New Zealand

IAG New Zealand Limited is a wholly owned subsidiary of Insurance Australia Group (IAG) Australasia’s largest general insurer. In New Zealand it trades under the State and NZI insurance brands and underwrites general insurance business for some of the country’s leading financial institutions. It has approximately 40% share of the general insurance market and manages 2.5 million policies on behalf of more than 1 million New Zealanders.

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