2023 News

Tower Reports Growth and Efficiency in a Challenging YearTower Limited (NZX/ASX: TWR) has today announced its full year results reporting improved revenue growth and expense control, with profits impacted by catastrophic weather events. For the year to 30 September 2023, the insurer recorded an underlying profit including large events of $7.8m versus $27.3m in the…

Tower and global Insurtech CelsiusPro Group partner to increase the up-take of parametric cyclone insurance for the PacificTower has joined forces with global Insurtech CelsiusPro Group to upgrade the IT platform for its Cyclone Response Cover, a parametric insurance product designed to provide policyholders with a rapid cash payout when their house, or other insured…

Appointment of Mike Cutter to Tower BoardTower Limited today announces the appointment of Mike Cutter as an independent director to the Tower Board to fill a casual vacancy.Mr Cutter has extensive governance and executive experience in the financial services sector across New Zealand, Australia, Asia, and Europe. He is currently the Chair of Arteva Funding,…

Successful placement of FY24 reinsurance programmeKiwi insurer Tower (NZX/ASX: TWR) has successfully renewed its reinsurance programme for the 2024 financial year. In a challenging reinsurance market following significant global weather events, Tower is pleased to have secured a comprehensive reinsurance programme at competitive rates for home, motor, boat, and commercial portfolio cover, across New Zealand…

Tower to sell Solomon Islands business Today Tower announces the conditional sale of its Solomon Islands business to Trans Pacific Assurance Limited.  The transaction will enhance Tower’s ability to pursue larger opportunities for growth in the Pacific, where the insurer is investing substantially in new technology and people. Tower Chief Executive Blair Turnbull says, “Tower’s Pacific…

Tower Updates Guidance, Provides Update on Large Events Tower Limited (NZX/ASX: TWR) has today provided an updated claims cost estimate for the Auckland and Upper North Island Weather Event and Cyclone Gabrielle as well as claims cost estimate for Cyclone Judy and Kevin which impacted Vanuatu in March. Additionally, Tower has updated its market guidance. Tower…

Canstar has awarded Tower a coveted Canstar Innovation Excellence Award for 2023, recognising the transparency and customer benefits of its world-leading flood risk rating tool.

From doggy dental care to ill and injured toms, this National Pet Day, Tower is delving into the data around their furriest customers to reveal the most common claims, breeds, and names of Kiwi pets.

With high claims volumes being processed caused by wild weather during the past two weeks, Tower has issued practical advice for Kiwis on how to prepare your home for Cyclone Gabrielle and help mitigate damage.

Kiwi insurer Tower settled its first motor claims related to the Auckland and North Island flooding on Tuesday, just four days after the first storm. The insurer has already settled 11 motor claims to date.

Tower Limited (NZX/ASX: TWR) has today issued an update to the NZX on the Auckland and North Island weather event. 

Kiwi insurer Tower remains focussed on helping customers recover and prepare for more incoming rain, amid rising claims. Since Friday evening, Tower has received over 1,000 claims and counting in relation to flooding in the upper North Island.

Kiwi insurer Tower is doing everything it can to support customers affected by flooding in Auckland and the upper North Island. Tower Chief Claims Officer Steve Wilson says, while it’s too early to estimate overall numbers, claims volumes are high and the business expects the floods to be a large event.

Keep phone lines free for those most severely impacted by claiming online if you can, says Kiwi insurer Tower. Tower Chief Claims Officer Steve Wilson says by 7.30pm last night, claims had already started rolling in from customers affected by heavy rain in Auckland and Northland. “We have brought in extra resource for our phone lines today and Sunday, as we anticipate claims volumes will increase.

Tower is urging Aucklanders to drive safely, as they prepare to exit New Zealand’s biggest city for the long weekend, amongst multiple MetService weather warnings. MetService has issued heavy rain warnings for Northland, Auckland, the Coromandel Peninsula and the Bay of Plenty west of Whakatane. Northland and Auckland also have severe thunderstorm watches in place, with an additional strong wind watch in place for Auckland.

Update on Ex Cyclone Hale claims To date, Tower has received a small number of claims in relation to Ex Cyclone Hale.Tower Chief Claims Officer Steve Wilson says, while claims so far are low, with Ex Cyclone Hale now considered a one-in-20-year storm for the Coromandel and wild weather set to continue in other parts…

Kiwis called on to prepare for Cyclone Hale Tower is calling on Kiwis to prepare for tropical Cyclone Hale, following New Zealand MetService warnings now in place across the country. Heavy rain warnings have been issued for the Coromandel Peninsula, Gisborne and Hawke’s Bay, from tonight until Wednesday morning. Heavy rain is also forecast for…