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- Insurance provider Tower (TWR) is in assessing the impact of the significant eruption of underwater volcano Hunga-Tonga-Hunga-Ha’apai and tsunami in Tonga
- The Nuku’alofa branch is open and assisting customers who have been severely impacted
- Approximately 2500 of Tower’s 310,000 total customers are in Tonga and largely hold personal lines policies
- Tower’s reinsurance program provides up to $873 million of cover for catastrophic events
- Tower last traded at $66 cents a share at January 20
Tower (TWR) assessing the impact of the significant eruption of underwater volcano Hunga-Tonga-Hunga-Ha’apai and tsunami in Tonga.
CEO of the New Zealand based insurance company, Blair Turnbull says Tower’s immediate thoughts are with the people of Tonga, as well as the Tongan community in Aotearoa New Zealand.
“Our focus is on supporting our people and customers in Tonga who have been affected by this natural disaster. We are grateful that all our team members are safe. Our Nuku’alofa branch is now open and we are assisting customers who have been severely impacted.”
“Tower plans for such large-scale events. Alongside our robust reinsurance programme that supports our resilience, we are in a strong position to support our customers throughout Tonga’s recovery,” he said.
Approximately 2500 of Tower’s 310,000 total customers are in Tonga and largely hold personal lines policies. The Tonga branch also supports around 300 commercial customers.
Tower is currently determining the financial impact of the natural disaster.
Tower’s reinsurance program provides up to $873 million of cover for catastrophic events.
Its reinsurance excess for such events is $11.25 million which is within the $20 million Tower has allowed for large events in FY22.
Tower will make a further announcement to the market soon.
Tower last traded at $66 cents a share on January 20.
