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Member, Beacon International Group, Ltd.
Claims related to the November 2016 Kaikōura earthquake, September 2010 Canterbury quake, Port Hills fires in February and cyclone Debbie in March and April led to a loss of $8.2 million New Zealand ($5.7 million) for New Zealand-based insurer Tower Ltd. in the fiscal half year ended March 31, Radio New Zealand reported. Excluding these one-off costs of NZD 20 million, Tower's underlying profit grew 8% to NZD 8.1 million. The insurer recorded a loss of NZD 8.7 million in the fiscal half year ended March 31, 2016.