Tower sets up emergency team to handle claims

Insurer Tower has set up an emergency response team to handle a heavy load of claims calls after today's earthquake in Christchurch.

The scale of the damage and number of fatalities is unknown yet, but at least 65 people are reported dead and hundreds more are expected to be injured after the 6.3 magnitude quake caused widespread destruction in the central city.

Tower expected the significant damage being reported to trigger re-insurance arrangements, under which it is liable for costs up to $5 million.

The after-tax effect of that is expected to be around $3.5 million, the company said.

NZPA

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