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.
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.
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.
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.
A review of the week's news including... A tsunami warning after a severe 7.1 earthquake north of East Cape, Havelock North's residents finally get the chance to grill their local leaders, the Environment Minister says people who insist that every lake and river should be safe to swim in are being unrealistic, Kim Dotcom wins his bid to live stream his High Court appeal against his extradition, New Zealanders who've been living in Australia for up to ten years say they're reaching breaking point, legal action over faulty steel mesh triggers doubts about some house insurance, a prominent Maori leader is found guilty of defrauding his fellow trustees in the Wellington Tenths Trust, a South Canterbury farming official says stealing 500 cows is like stealing the Crown jewels - complicated but not impossible, Auckland mayoral candidate Vic Crone pledges to bring forward the cross-harbour tunnel project by a decade or more after saying she'd make no commitments on it, while another candidate, Phil Goff wants to introduce a living wage for all council staff, the transgender community wants the waiting times for sex change operations cut, a sit down chat with Olympic pole vaulting bronze medalist Eliza McCartney and the real story behind the 2nd Bledisloe Cup test in Wellington from a former Wallaby.