Tower’s NZ$325mn total loss gives fresh evidence of NZ creep
Tower Group has disclosed deterioration on its losses from February 2011's Christchurch earthquake, in the latest indication that the huge cold-spot event is getting progressively worse.
Tower said in a New Zealand Stock Exchange statement that it had added $9.4mn to its loss estimate for Christchurch II, taking the group beyond its NZ$325mn reinsurance limit.
The insurer said that it will remain capitalised at around NZ$475mn and highlighted an increase in its reinsurance cover to NZ$500mn since the flurry of...
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