Tower stock slumps to 12-year low on extra costs from Canterbury earthquakes

Wed, 07 Sep 2016

By Tina Morrison Sept. 8 (BusinessDesk) - Tower shares slumped to their lowest in more than a decade after the general insurer warned it expects to have to fork out more for Canterbury earthquake claims. The Auckland-based company said today it expects to have a $16.2 million hit to its after-tax profit due to increased claims provisions for the Canterbury earthquake following greater-than-expected new claims from the Earthquake Commission and increased litigation and customer disputes. It also signalled it will review its dividend and it...

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