Tower has watching brief on Tonga

Tower has 2,500 customers in Tonga, where an eruption and tsunami have caused widespread damage. (Image: NIWA)

Fri, 21 Jan 2022

General insurer Tower said it’s investigating the financial impact of last weekend’s underwater volcano and tsunami in Tonga.The NZX-listed company has 2,500 customers in the island nation, mostly with 'personal lines' policies that cover people for death, injury and loss of property, and 300 commercial customers.Tower chief executive Blair Turnbull said the insurer’s reinsurance covers up to $873 million for catastrophe events, such as the volcanic eruption, and that its excess is within the $20m provided for in the S...

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