Agriculture giant revises pre-tax loss forecast due to insurance “complexities”

Agriculture giant revises pre-tax loss forecast due to insurance “complexities” | Insurance Business New Zealand

Claims

Agriculture giant revises pre-tax loss forecast due to insurance “complexities”

Company faces hefty losses following Cyclone Gabrielle

Claims

By
Mika Pangilinan

T&G Global has adjusted its projected pre-tax loss for the year 2023 due to challenges encountered with the insurance claim process following Cyclone Gabrielle.

The agriculture firm said there were “complexities” that led to delays in finalising the value of the insurance claim receivable by the balance date.

As such, it has now determined that its pre-tax loss estimate is within the range of $60 million to $67 million, marking a significant increase from its previously forecasted loss of around $28 million to $34 million.

T&G Global is a prominent player in the global fruit market. It is expected to release its full-year results for 2023 on February 29.

“A lot of work had been put into recovering orchards that were lost or damaged by the cyclone,” said Edgecombe.

“Really good progress has been made on settling claims,” said ICNZ chief executive Tim Grafton in a previous release. “Insurers are committed to finalising the remaining claims with their customers.”

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