Tower cuts profit guidance by $10m on back of large events

In three months, New Zealand experienced record flooding in Auckland and its worst cyclone this century. (Image: Getty)

Mon, 08 May 2023

Insurer Tower is reducing its guidance for full-year underlying net profit after tax by $10 million while expecting stronger growth in written premiums.On Monday, Tower (TWR) also gave an updated claims cost estimate for the Auckland and Upper North Island weather event and Cyclone Gabrielle, as well as a claims cost estimate for Cyclones Judy and Kevin, which affected Vanuatu in March.It increased its estimate for the ultimate cost for the Auckland and Upper North Island weather event to a range of $195-$225m, up from $95-$125m.Average claim c...

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