Debbie creates small loss for Tower NZ reinsurers

Tower Insurance said its reinsurers would pick up NZ$5mn-NZ$7mn
($3.4mn-$4.8mn) of its losses from Storm Debbie as it passed over
New Zealand.
The insurer estimated gross claims for storms associated with
Cyclone Debbie would reach NZ$10mn to NZ$12mn, with its aggregate
reinsurance picking up the first NZ$5mn and its per-occurrence
reinsurance paying for claims in excess of NZ$10mn.
Tower said its net financial loss was expected to be NZ$3.6mn
after tax.
The insurer had NZ$10mn of total limit av