Tower estimate for Cyclone Winston potential loss in Fiji $4M to $7M

Thu, 03 Mar 2016

By Jonathan Underhill March 3 (BusinessDesk) - Tower, the New Zealand general insurer, has updated its estimated potential net loss in Fiji from damage caused by Cyclone Winston. Tower says the after-tax cost of the potential loss is estimated at $4 million to $7 million, less than the $10 million excess under the insurer's main catastrophe reinsurance programme. To date, Tower has received fewer than 250 claims for cyclone damage, it said. “The worst damage has been sustained on the North coast of Viti Levu and other outer islands," s...

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