Cyclone and storms hit Tower half-year result

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)
Pattrick Smellie
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...

More Finance

ANZ vows to fight CCCFA class action despite ASB settlement
Finance

ANZ vows to fight CCCFA class action despite ASB settlement

“ANZ NZ will continue to defend its case. Our position hasn’t changed.” 

ASB settles CCCFA class action for hefty $135.6m
Finance

ASB settles CCCFA class action for hefty $135.6m

 It ended a four-year class action centred on disclosure obligations.

Andy Macdonald 07 Oct 2025
ASB pays $135.6m to settle long-running CCCFA class action
Finance

ASB pays $135.6m to settle long-running CCCFA class action

High-street lender ASB has agreed to pay $135.6 million to settle a class action brought against it for alleged breaches of the Credit Contracts and Consumer Finance Act (CCCFA).The settlement – without admission of liability or wrongdoing – concluded four years of legal proceedi...

Staff reporters 07 Oct 2025