23 Aug 2013

IAG seen as putting profits before people

8:42 am on 23 August 2013

IAG customers in Canterbury say the largest general insurance company in the country is putting profits before people.

The Australian group which owns the NZI, State and AMI brands in New Zealand, has posted a $A1.4 billion insurance profit for the year ending June - up 66% on the previous year.

The insurance profit for the New Zealand arm was up nearly 12% at $132 million.

Insurance Watch chair David Stringer said the figures are offensive to those still waiting and suggested the company should spend some of its profits on putting more resources into Christchurch to speed up the claims process.

However, IAG said the criticism is misplaced and having healthy finances is important to meeting customers' needs.