Tower Resilient to Recent Weather Events, Updates Guidance

Tower Limited (NZX/ASX: TWR) has announced that it remains resilient to the recent weather events in Auckland and the Upper North Island, with approximately 4,850 claims received to date in relation to this event and an estimated cost of between $95m and $125m.

The insurer has also received approximately 945 claims for damage caused by Cyclone Gabrielle.

Tower has revised its full year underlying NPAT guidance to between $18m and $23m and its forecast for dividends to 5 cents per share for the full year from 6.5 cents per share.

Despite the events, Tower's solvency position remains strong.