Samoan tsunami to cost TOWER $3.5 million post-tax

The Tower insurance group says its exposure to claims relating to the Samoan earthquake and tsunami will be capped at $5 million under reinsurance arrangements, and will produce a post-tax impact of around $3.5 million.

"While this has been for customers, Tower is in the business of insurance and the cost part of our normal financial planning and expectations, said group managing director Rob Flannagan. Tower's result for the year to September 30 is expected to remain in line with analysts' expectations.

Total claims notified from the disaster are close to $20 million, mostly from American Samoa.

Businesswire.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:

October 8th Morning Report
IFT - CDC Independent Valuation
TEM - Transaction in Own Shares
October 7th Morning Report
Devon Funds Morning Note - 06 October 2026
AFT reports double digit revenue growth in 1H FY27
TEM - Transaction in Own Shares
TWR - Tower updates FY26 guidance
TRU - Resignation of CEO, Martin Dillon
HGH - Heartland confirms endorsement of TSB Heartland Bank CEO