Samoan tsunami to cost TOWER $3.5 million post-tax

The Tower insurance group says its exposure to claims relating to the Samoan earthquake and tsunami will be capped at $5 million under reinsurance arrangements, and will produce a post-tax impact of around $3.5 million.

"While this has been for customers, Tower is in the business of insurance and the cost part of our normal financial planning and expectations, said group managing director Rob Flannagan. Tower's result for the year to September 30 is expected to remain in line with analysts' expectations.

Total claims notified from the disaster are close to $20 million, mostly from American Samoa.

Businesswire.co.nz

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