Tower Limited (NZX/ASX: TWR) has estimated the ultimate cost of the volcanic eruption and subsequent tsunami in Tonga and surrounding areas on 15 January, 2022 to be $7.6m before tax, and the ultimate cost of Cyclone Dovi to be $3.6m before tax.
Both events are below Tower’s reinsurance excess, and are within the $20m they have allowed for large events in FY22.
Tower CEO, Blair Turnbull, says they remain focused on helping customers rebuild and recover.
FY22 underlying net profit after tax (NPAT) guidance remains unchanged at between $21m to $25m.
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