Tower says it has received 288 claims from the Tonga volcanic eruption and tsunami as well as 762 claims triggered after the remains of Cyclone Dovi hit parts of New Zealand’s North Island in February.

The insurer estimates the ultimate cost of the tsunami disaster at $NZ7.6 million ($7.1 million) before tax, with claims mostly relating to commercial and domestic property damage.

The estimate is below a reinsurance excess of $NZ11.25 million ($10.48 million) for catastrophe events and within a $NZ20 million ($18.6 million) large events allowance for this financial year.

“Tower is in a strong position to help our customers in Tonga rebuild and recover,” CEO Blair Turnbull said.

“We remain focused on supporting long-term economic resilience in the Pacific Islands by helping to improve access to insurance products and increasing insurance protection.”

Tower estimates the ultimate cost of the Cyclone Dovi storm damage at $NZ3.6 million ($3.4 million) before tax, mainly relating to domestic property and contents claims.

The company says its financial year guidance for underlying net profit after tax of $NZ21-25 million ($19.6-23.3 million) remains unchanged.