Insurer expects no more than $5 million in claims from New Zealand quake

New Zealand-based insurer Tower Ltd. has said that the loss from the 7.5-magnitude earthquake that hit the nation on Nov. 14 will affect its profit by a maximum of $7.2 million New Zealand ($5 million), nzherald.co.nz reports. The cost of the quake is limited by the insurer's reinsurance program. Tower said that it is in the early stages of assessing the impact of the event.

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