Latest news with #TowerInsurance
Otago Daily Times
11-07-2025
- Business
- Otago Daily Times
Half say risk data insufficient — insurer
File photo: Getty Images Nearly half of New Zealanders report they do not have enough information about the climate-related risks to their properties, a major insurance provider says. Tower Insurance chief executive Paul Johnston welcomed the release of the report "A proposed approach for New Zealand's adaptation framework", calling it a step towards greater certainty for communities, councils and insurers. The report by seven specialists, representing iwi, banks, economists, insurers and local authorities, has called for a 20-year transition period to a "mature adaptation framework" to balance the need to spread out costs associated with climate change adaptation with creating the right incentives to act. Mr Johnston said Tower had advocated for nationally consistent hazard modelling and greater data transparency, for all New Zealanders, for some time. "Tower's research shows that 48% of New Zealanders say they lack information about their property's exposure to climate-related risks and natural disasters," he said. "The insurance sector has a vital role in New Zealand's ongoing response to the increasing impacts of climate-related weather events and insurers need long-term certainty around climate adaptation policy to remain attractive to global reinsurers and help keep insurance accessible and affordable. "Risk-based pricing plays a vital role in this by helping to send important market signals." The company urged the government to act swiftly and deliver a bipartisan adaptation framework to provide long-term certainty for all New Zealanders, he said. — APL
RNZ News
22-04-2025
- Business
- RNZ News
Tower raises profit forecast despite weather and quake claims
Tower is forecasting after-tax earnings of $70m to $80m. Photo: RNZ / Dan Cook Tower Insurance has raised its full year profit forecast despite facing claims for the Easter storms and ongoing claims related to the Christchurch earthquake 15 years ago. It's forecasting after-tax earnings of $70m to $80m from $60m-$70m for the year ending September, driven by better-than-expected weather and lower inflation. The company said it had so far had only one big weather event in the current year - the Dunedin floods last October - but was preparing for more. "Tower is supporting customers affected by the storms that impacted New Zealand over Easter weekend, and has so far received almost 250 claims. This means this storm may exceed the $2m threshold for a large event for Tower," the company said in a statement to the NZX. Tower reduced the expected growth in premiums income to single digits because of increased competition in the housing and motor vehicle policy sectors, while it said its management costs were higher than forecast. It said it was also seeing the impact of reopened Christchurch earthquake claims 15 years after the event, because of inadequate repairs, undiscovered damage, and inflation since 2010-11.
