Cyclone and storms hit Tower half-year result

Claims in the first of this financial year jumped to 3.5 times the same period last year. (Image: Getty)

Thu, 25 May 2023

Tower Insurance reported a $3.3 million underlying net loss for the six months to March 31, a period in which the company saw claims from policyholders three and a half times higher than the previous half, due mainly to cyclone and storm claims.The impact of the Auckland anniversary weekend floods and Cyclone Gabrielle’s swathe of destruction through the central North Island in February saw total claims expense rise to $411.7m, compared with $116.2m in the same period a year earlier.The group’s substantial reinsurance cover kicked i...

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