Interesting that the Stream Trading update (from early April) mentioned the sale of the New Zealand business which is subject to an earn out had started the year poorly due to benign weather events.
However I believe the major provider of claims to Stream in NZ is Tower Insurance who just announced that their loss blew out to $NZ11.6 million ($10.7 million) in the half-year to March as unprecedented weather events.......
Ex-cyclone Gita (February) and other storm events – which Tower has described as “severe and unprecedented” – cost the insurer $NZ9.1 million ($8.4 million) and had a $NZ5 million ($4.6 million) after-tax impact on the results.
