Tower puts maximum bill for Winston in Fiji at $7.2 mln

Tue, 23 Feb 2016

By Edwin Mitson Feb. 23 (BusinessDesk) - Tower, the New Zealand general insurer, says its maximum exposure to Cyclone Winston in Fiji is $7.2 million, but that it will take a number of days to assess the damage. Twenty-one people are so far believed to have been killed from the impact of Winston, which hit the islands with wind speeds of up to 330 kilometres an hour. Tower said it has a significant reinsurance programme in place, which provides cover once it has paid out more than $10 million to affected policyholders. However the insu...

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