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Tower puts Lake Ohau fire claim losses at up to $6.5 million

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New Zealand insurer Tower has projected an initial pre-tax claims impact of $NZ5-7 million ($4.6-$6.5 million) from last week’s wildfire at the South Island hamlet of Lake Ohau.

The company says in an investor update today that the impact will be reflected in the current financial year to September 30 2021.

Tower arrived at the initial estimates based on the five total loss claims and four partial damage claims it has received from affected policyholders.

The fire broke out more than a week ago and has destroyed most of the properties in the Alpine hamlet.