Increased Canterbury quake costs pushed Tower into the red this year

Thu, 19 Nov 2015

By Paul McBeth Nov. 20 (BusinessDesk) - Tower, the general insurer, says it will report an annual loss next week after raising its provisioning for the cost of the Canterbury earthquake caused by more expensive repairs and rebuilds from its outstanding claims. The Auckland-based company said it will report a net loss of about $7 million in the 12 months ended Sept. 30, compared to a profit of $23.6 million a year earlier. That's because of a $53.2 million increase in its provisioning for the quakes in the second half of the financial year...

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