Tower sees hit from Cyclone Harold, Timaru hailstorm

Tue, 21 Apr 2020

Tower said it expects to book large claim expenses of between $10.5 million and $12.5 million from Cyclone Harold in the Pacific and the Timaru hailstorm.That’s $2.5 million-to-$4.5 million more than the $8 million built into Tower’s guidance for underlying profit of $27 million to $30 million in the September year.The impact of the cyclone alone is estimated at between $8 million and $10 million, with reinsurance capping losses at $10 million.The two events activated Tower’s aggregate reinsurance cover for future events for t...

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