Tower (ASX:TWR, NZE:TWR) chairman Michael Stiassny urged the New Zealand government to legislate to impose final time limits on the Canterbury earthquake insurance claims to provide certainty for all parties, according to a Tuesday release.
He noted that the EQC Act did not set a time limit for reopening historic claims, and claims continue to be reopened. The National Hazards Commission is responsible for paying the first NZ$100,000 of each Canterbury earthquake claim, before the responsibility is transferred to private insurers.
The current situation may prevent the commission from restoring capital levels, which may leave it vulnerable to the next big event, he cautioned.
The insurer's shares climbed 4% in recent trading on the Australian bourse on Tuesday.
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