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.
Speaking with the trade news site Fruitnet, CEO Gareth Edgecombe shared insights into the company’s recovery efforts in the wake of Cyclone Gabrielle, which hit in February 2023.
“A lot of work had been put into recovering orchards that were lost or damaged by the cyclone,” said Edgecombe.
The Insurance Council of New Zealand (ICNZ) announced in December that 87% of all private insurance claims related to the Auckland Anniversary floods and Cyclone Gabrielle have been settled by insurers. The total value of claims stemming from both events amounts to $3.6 billion, with $2.7 billion already paid out.
“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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