6 Jun 2019

IAG: taking greater account of risk

From Nine To Noon, 9:09 am on 6 June 2019
The suburb of Hataitai in Wellington.

The suburb of Hataitai in Wellington. Photo: RNZ / Alexander Robertson

In March IAG, which corners almost half of the capital's insurance market, pulled back from writing new insurance policies in Wellington.

But IAG later said it wouldn't retreat from the Wellington market, rather it will continue to consider to offer insurance "subject to normal underwriting guidelines, taking greater account of risk". 

Indeed IAG is moving to a risk-based pricing model in July.  Executive Manager Corporate Relations Bryce Davies discusses IAG's move to risk based pricing, and what it means for customers, with Kathryn Ryan.