Nematic liquid crystals composed of bent-core molecules exhibit unusual properties, including an enhanced Cotton-Mouton effect and an increasing isotropic (paranematic)-nematic phase transition temperature as a function of magnetic field. These systems are thought to be good candidate biaxial liquid crystals. Prompted by these experiments, we investigate theoretically the effect of molecular biaxiality on magnetic field-induced phenomena for nematic liquid crystals, using both molecular field and Landau theory. The geometric mean approximation is used in order to specify the degree of molecular biaxiality using a single parameter. We reproduce experimental field-induced phenomena, and predict also an experimentally accessible magnetic critical point. The Cotton-Mouton effect and temperature dependence of the paranematic-nematic phase transition are more pronounced with increased molecular biaxiality. We compare our theoretical approaches and make contact with recent relevant experimental results on bent-core molecular systems.