New Zealand’s Tower flood and cyclone reinsurance payout could hit NZ$276mn
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New Zealand’s Tower flood and cyclone reinsurance payout could hit NZ$276mn

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Reinsurance recoveries for New Zealand insurer Tower Limited from flooding in Auckland and Cyclone Gabrielle may now hit NZ$276mn ($175mn), after the carrier increased its loss estimates.

The carrier increased its loss estimate for the January Auckland flooding to NZ$195mn-NZ$225mn, up from NZ$95mn-NZ$125mn.

For Cyclone Gabrielle, claims are anticipated to be between NZ$55mn-NZ$75mn, with the company so far having received around 3,350 claims.

Both

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