Tower faces hit of up to $5.8 mln from storm claims

Tower, the general insurer, faces a financial hit of up to $5.8 million from storms across central New Zealand this week, after receiving more than 200 claims from the event.

The Auckland based firm said the financial impact of the storm after tax will be between $2.6 million and $5.8 million, with the top limit capped by Tower's reinsurance programme. The storms hit the west coasts of the upper South Island and the lower North Island, causing widespread flooding and prompting Civil Defence Minister Nikki Kaye to call local states of emergency in Wanganui, Taranaki and Rangitikei.

The insurer said it brought in extra assessors and claims staff to speed up the process for affected customers.

Tower shares dropped 0.9 percent to $2.19, and have gained 2.8 percent this year.

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

OCA - Oceania announces Director changes as part of Board refresh
AIA - Analyst and media webcast for FY26 interim results
The Warehouse Group confirms leaner operating structure
SML - Synlait provides half year performance update
RYM - Refreshed strategy and new capital management framework
ENS - Clarification of Gina Tuzcet’s status
BGP - 4th Quarter Sales to 25 January 2026
Contact Energy 2026 Half Year Results Presentation
February 2nd Morning Report
VHP - Half year results announcement date and webcast details