Severe weather results in Suncorp NZ's profits down 25%

(Image: Supplied)Competition from overseas insurers, tough economic conditions and a higher-than-normal number of adverse weather events helped drive Suncorp New Zealand’s net profit down by 25% over the June year.The company, NZ’s second biggest insurer after IAG, reported a net profit of $316 million, down from $419m a year earlier.Gross written premium was $2.75 billion, down 4.8% on the prior year, reflecting softer market conditions and customer pricing responding to modest inflation and lower reinsurance costs. 'A high number of insurance c...