Tower says extra Canterbury quake provisions hurt profit, flags dividend review

Wed, 07 Sep 2016

By Tina Morrison Sept. 8 (BusinessDesk) - Tower expects to take a $16.2 million hit to its after-tax profit as the general insurer increases claims provisions for the Canterbury earthquake due to greater-than-expected new claims from the Earthquake Commission and increased litigation and customer disputes. Deloitte advised Tower in a draft of its latest actuarial review of a "significant escalation in costs and the need to increase provisions" as a result of the 2011 Canterbury earthquakes, the Auckland-based insurer said in a statement....

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