InfoAnda - TEXT-NZ's Tower sees NZ$5 mln impact from earthquake

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World TEXT-NZ's Tower sees NZ$5 mln impact from earthquake Reuters - Monday, September 6 Send IM Story Print WELLINGTON, Sept 6 - Tower Limited expects that insurance claims arising from the Christchurch earthquake will cost the company NZ$5 million before tax. While the total of possible claims is not yet known, with customers continuing to notify Tower of damage, Tower expects that once all claims are received and assessed, the total payable will trigger Tower's re-insurance arrangements. The effect of this is that losses payable by Tower will be capped at NZ$5 million. The after-tax effect of this is expected to be around NZ$3.5 million. TOWER's Group Managing Director, Rob Flannagan said "The earthquake has been a shock to many of our customers, and we have received hundreds of calls over the weekend from worried households and businesses. It will take some time for assessments of damage to be completed and costs of repair to be known in full. While this is a new experience for many of those affected, Tower itself is in the business of insurance and the cost is part of our normal financial planning." Recommend Send IM Story Print Related Articles GLOBAL MARKETS-Asia stocks hit 1-month high, Europe gains Reuters - 34 minutes ago Taiwan's HTC August sales more than double on year Reuters - 39 minutes ago European shares gain for 2nd session on U.S. data Reuters - 40 minutes ago China stocks end up 1.5 pct, near 4-month high Reuters - 43 minutes ago Partners Group ups 2010 inflow view on strong H1 Reuters - 45 minutes ago News Search Top Stories US mulls approval of GM salmon Avatar director vows to aid Amazon tribe Basque separatists ETA declare ceasefire Germany to extend life of nuclear reactors Bumper profits fail to dispel wider worries More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Japanese rider Tomizawa dies in San Marino Moto2 GP Sharapova, Federer battle on in US tennis Open A month on, Chile miners face uncertain rescue date 78-year-old woman found alive after week missing in Alps US troops fire back as suicide bombers kill 12 in Baghdad More Most Viewed » Earth's upper atmosphere shrinking, scientists say Tiger's ex breaks her silence on sex scandal Most US students think Beethoven is a dog Unchecked migration would see Singapore swell, Haiti halve Japanese rider Tomizawa dies in San Marino Moto2 GP More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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