Tower says summer storms will cost about $5 million

Mon, 12 Feb 2018

By Sophie Boot Feb. 13 (BusinessDesk) - Auckland-based insurer Tower said recent storms will have a financial impact of about $5 million after tax. The company said it received about 300 claims as a result of the New Year storms, and estimates that will cost it between $1.4 million and $1.8 million after tax. It has received 150 claims as a result of ex-cyclone Fehi, which hit the South Island earlier this month, and says the financial impact of those will be between $2.2 million and $3.2 million after tax. Tower said it is too soon t...

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