Tower estimates South Island quake could trim profit by up to $7.2 mln

Mon, 14 Nov 2016

By Paul McBeth Nov. 15 (BusinessDesk) - Tower says the cost of yesterday's 7.5 magnitude earthquake near Kaikoura in the upper South Island is limited by the insurer's reinsurance programme and can only hit profit by a maximum $7.2 million. The Auckland-based insurer's shares sank 7.1 percent to 79 cents in response to the quake, and Tower today said it was in the early stages of assessing the impact of the event. Because of the extent of the damage, which has cut off Kaikoura, left thousands of households without power and water, and ki...

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