The Auckland Anniversary weekend flooding, closely followed by Cyclone Gabrielle, were the most impactful weather events our generation has known.
The impact on our customers was significant with more than 9,400 claims. As of 24 January, Tower had settled 91% of claims for these events.
For the most part, the remaining customer claims are the most complex – some have an Earthquake Commission (EQC) element, while others may also be impacted by various Council buy-out schemes.
We have good people at Tower and they are driven to do what’s right for our customers. I’m incredibly proud of the way our business responded to these events. That being said, I know we haven’t always got things right. As a team, we are continuously learning and improving our processes, whether it’s customer service – ensuring we contact all customers in a timely manner, our digital offering or, how we structure insurance in the future.
Key to this is ensuring insurance remains affordable and accessible. To protect Kiwis now and in the future, as a country we must lay down longer term plans to address infrastructure gaps and reduce the risks of climate change. That starts with more collaboration between business, central government, and councils to share data and ideas to accelerate this. Other tools like Tower’s risk-based pricing model and risk ratings for flood and earthquake help to inform our communities so they're more aware of the risks they and their homes face.
Overall, the events of 2023 are a reminder of the importance insurance plays in our economic, community and personal resilience. I’m incredibly proud of the effort our teams put in this year and we’re continuing to work as hard as possible to help our customers and communities recover.
Ngā mihi,
Tower CEO, Blair Turnbull
Click here for key statistics and information regarding Tower’s event response and the impact on Tower customers from the Auckland Anniversary weekend floods and Cyclone Gabrielle.
ENDS.