Insurer Tower posts net loss in H1 following higher Canterbury quake provisions
Posted On: May. 26, 2015 12:00 AM CSTNew Zealand-based insurer Tower Ltd. has posted net loss of $4.9 million New Zealand ($3.5 million) in the six months ending March 31, reported Stuff.co.nz.
The loss has been mainly attributed to the insurer's increased provisions of NZD 22.6 million for Canterbury earthquake claims. Tower said that its gross written premium increased 5% year on year to NZD 145.9 million during the period. The insurer's general insurance underlying net post-tax profit totaled NZD 17.9 million during the period, up 36% year on year.