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:

FBU - Fletcher Building Announces Director Appointment
December 23rd Morning Report
MWE - Suspension of Trading and Delisting
EBOS welcomes finalisation of First PWA
CVT - AMENDED: Bank covenant waiver and trading update
Gentrack Annual Report 2024
December 20th Morning Report
Rua Bioscience announces launch of new products in the UK
TEM - Appointment to the Board of Directors
December 19th Morning Report