June 5, 2020 / 5:46 AM / a month ago

BRIEF-Tower Confirms Refund Of COVID-19 Car Claim Reductions

June 5 (Reuters) - Tower Ltd:

* CONFIRMS IT WILL REFUND NZ$7.2 MILLION TO CUSTOMERS, DUE TO LOWER COST OF CAR CLAIMS DURING COVID-19 LOCKDOWN PERIOD

* TOTAL COST OF REFUND IS OFFSET BY REDUCED CLAIMS COST & WILL RESULT IN NEUTRAL FINANCIAL IMPACT TO TOWER

* FOR MOST CUSTOMERS REFUND WILL EQUATE ABOUT 40% TO 45% OF THE CAR INSURANCE PREMIUMS THEY PAID BETWEEN MARCH 24 AND MAY 13 2020

* EVERY CUSTOMER WOULD BE REFUNDED PART OF THE CAR INSURANCE PREMIUMS THEY PAID DURING THE LEVEL THREE AND FOUR LOCKDOWNS Source text for Eikon: Further company coverage:

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