Looks a bit more serious than that - AKL State of Emergency for 7 Days
Flooding looks quite extensive - Commercial & Private properties
https://www.nzherald.co.nz/nz/auckla...JDRYHLYAYHOTQ/
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Looks a bit more serious than that - AKL State of Emergency for 7 Days
Flooding looks quite extensive - Commercial & Private properties
https://www.nzherald.co.nz/nz/auckla...JDRYHLYAYHOTQ/
Yeah there is going to be significant damage in Auckland. Commercial bay flooded, Auckland Airport flooded, Westfield 277 flooded, paknsave wairau park flooded, let alone all the ruined cars and houses
I'd say full "large events" contingency wiped for 2023. Probably no divvy.
Tower has re-insurance for these events with a maximum contribution from Tower of $10 million per event. According to their comany releases Tower has budgeted for four of these 'major' events this year. As far as I know (after four months of Tower's insurance year) this is the first to exceed the $10m limit, so presumably TWR is actually ahead of where they had budgeted to be.
TWR takes gross premiums of $400m per annum and expects to spend half of that paying claims
If we didn't have damaging events, there wouldn't be a need for insurance and tower wouldn't even exist as a company.
I had a few shares in Tower but decided insurance companies in NZ are a mugs game.
State of Emergency declared in Waitomo earlier tonight now too
Yes, my post above (#1700) was almost certainly misguided as to the likely claims impact from the heavy rainfall event. I expect it will reach the catastrophe reinsurance figure of $11.9m on this occasion so a significant (but limited) bite out of the overall large events provision made by Tower for y/e 30 September 2023. Given the closure of AIA International for a period even Travel Insurance claims will magnify, so consequences can be broader than one would have anticipated.
But I am sure Lego Man is wrong with his speculation that there will be no dividend, whether in reference to that immediately payable (4cps due on 1 February) or the interim/final for y/e 30 September 2023 yet to be declared. TWR is an insurance company after all, and as Poet points out its more or less a " business as usual " circumstance even thou very unfortunate for those actually caught up in it.