Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

IAG mulls closing all but one of its State branches in NZ

IAG mulls closing all but one of its State branches in NZ, affecting 91 jobs

By Suze Metherell

Sept. 26 (BusinessDesk) - Insurance Australia Group may close all but one of its 22 State branches in New Zealand a bid to consolidate its national direct insurance network as more customers phone or turn online for assistance.

The Auckland-based insurer will decide in mid-October whether to close the bulk of its branches, affecting 91 jobs, as 94 percent of its customers used its website or called for their insurance needs, it said in a statement. The exception would be its Riccarton branch in Christchurch, which covers specific customer needs relating to the 2010 and 2011 Canterbury earthquakes.

State is part of Sydney-based IAG's direct insurance division, which also includes AMI and employs 1,400 people across New Zealand. There is no intention to close any of AMI's 65 shop fronts, the company said.

"We are investing in new-look AMI stores that reflect the brand's close connections into local communities," said executive general manager Craig Olsen. "State's branch network is less extensive, which is why we are looking to consolidate our overall presence."

IAG also owns insurance broker NZI, and earlier this year bought Wesfarmers' Lumley Insurance for A$1.8 billion, adding the WFI and Lumley insurance brands to its existing stable.

Last month, IAG's New Zealand division increased earnings to A$183 million in the 12 months ended June 30, from A$117 million the year earlier, in part from a rise in online sales. The local unit raised its gross written premium revenue by 17 percent to A$1.85 billion. The insurance margin increased to 11.5 percent from 8.9 percent in 2013.


(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>

ALSO:

Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>

ALSO:

RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>

ALSO:

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO: