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

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

PaySauce Quarterly Market Update - September 2024
October 2nd Morning Report
Rua Releases Annual Report for Year Ended 30 June 2024
SCL - Settlement of orchard sales
The Warehouse Group 2024 ASM and Director Nominations
AIR - Update on Chief Operational Integrity and Safety Officer
Comvita Limited - Annual Report 2024
September 27th Morning Report
Spark announces departure of Finance Director
FBU - Retail Entitlement Offer Opens