The insurance company, Tower, has strongly criticised the time it's taking to settle Canterbury earthquake claims and says the insurance system for handling such disasters is broken.
The insurance company, Tower, is confident that putting its costly and complex outstanding Canterbury earthquake claims into a separate company will allow the rest of the group to flourish.
Listed general insurance company Tower has reported a bigger first half loss on lingering Canterbury earthquake claims and a write down in its computer systrems.
Insurance company Tower says yesterday's earthquake in North Canterbury will cost it a maximum of just over seven million dollars.
Shares in the insurance company, Tower, have plunged close to 20 percent today after it said its profits will likely fall more than 16-million dollars because of Canterbury earthquake claims.