Tower Archives - InsuranceAsia News https://insuranceasianews.com/companies_category/tower/ Tue, 09 Dec 2025 03:55:53 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 Kiwi insurer Tower fined US$4m for misleading 61,000 customers https://insuranceasianews.com/kiwi-insurer-tower-fined-us4m-for-misleading-61000-customers/ Tue, 09 Dec 2025 03:48:10 +0000 https://insuranceasianews.com/?p=206409 Tower had self-reported the issue in 2021, admitting that it had contravened the Financial Markets Conduct Act by making false or misleading claims about its multi-policy discount offer since September 2016.

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Tower has been fined NZ$7 million (US$4 million) by the High Court in Auckland, having admitted to misleading around 61,000 customers, which had resulted in overcharges exceeding NZ$11 million, the Ki...

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]]> Kiwi insurer Tower posts ‘exceptional’ FY25 results https://insuranceasianews.com/kiwi-insurer-tower-posts-exceptional-fy25-results/ Thu, 27 Nov 2025 04:54:25 +0000 https://insuranceasianews.com/?p=205506 Tower benefits from low natural catastrophe losses to post a record underlying net profit after tax (NPAT) of NZ$107.2 million (US$61.35 million).

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Kiwi insurer Tower said that it made a record underlying net profit after tax (NPAT) of NZ$107.2 million (US$61.35 million) in FY25, which finished at the end of September, and a reported profit of NZ...

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]]> Tower, CelsiusPro collaborate to launch rainfall parametric cover in Fiji https://insuranceasianews.com/tower-celsiuspro-collaborate-to-launch-rainfall-parametric-cover-in-fiji/ Tue, 18 Nov 2025 03:17:58 +0000 https://insuranceasianews.com/?p=204771 Rainfall Response Cover provides a rapid cash payout when a policyholder is impacted by heavy rainfall, regardless of damage, without the requirement of an insurance assessor’s sign-off.

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New Zealand P&C insurer Tower and Zurich-headquartered specialist parametric insurtech CelsiusPro have signed a partnership to launch a new rainfall parametric solution in Fiji.
Rainfall Response ...

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]]> Tower replaces IAG as Westpac New Zealand’s underwriter https://insuranceasianews.com/tower-replaces-iag-as-westpac-new-zealands-underwriter/ Fri, 26 Sep 2025 06:50:54 +0000 https://insuranceasianews.com/?p=200772 Tower will underwrite Westpac’s house, contents, car and vehicle insurance products for an initial term of five years starting from July 1, 2026.

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Tower Insurance will become the general insurance provider for Westpac New Zealand following a thorough review of its general insurance business, according to a press release from Westpac.
Tower will ...

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]]> Tower raises cat limit to US$536m in FY26 reinsurance renewal https://insuranceasianews.com/tower-raises-cat-limit-to-us536m-in-fy26-reinsurance-renewal/ Wed, 24 Sep 2025 06:15:24 +0000 https://insuranceasianews.com/?p=200569 Kiwi carrier switches large individual property risks cover from proportional treaty to XoL structure, estimates lower premium expense.

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Kiwi insurer Tower has renewed its reinsurance program for FY26, ending September 30, 2026, increasing its cat upper limit to NZ$915 million (US$536 million), up from NZ$800 million in FY25.
It has al...

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]]> Kiwi insurer Tower upgrades FY24 NPAT guidance, downgrades GWP growth outlook https://insuranceasianews.com/tower-upgrades-fy24-npat-guidance-downgrades-gwp-growth-outlook/ Fri, 12 Sep 2025 03:46:16 +0000 https://insuranceasianews.com/?p=199817 Kiwi insurer expects underlying net profit after tax (NPAT) of US$59.7-65.45 million.

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Kiwi insurer Tower’s underlying net profit after tax (NPAT) is expected to be in the range of NZ$100-110 million (US$59.7-65.45 million), provided that no large events are recorded in September, accor...

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]]> Tower discontinues multi-policy discounts as efforts to fix errors falls short https://insuranceasianews.com/tower-discontinues-multi-policy-discounts-as-efforts-to-fix-errors-falls-short/ Wed, 23 Jul 2025 07:28:58 +0000 https://insuranceasianews.com/?p=195881 Kiwi insurer says it had made significant investments to upgrade its systems and processes following regulatory action.

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Kiwi insurer Tower will remove a multi-policy discount from its insurance offerings, the company said in a stock exchange announcement.
The Financial Markets Authority (FMA) had pursued legal action a...

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]]> Kiwi insurer Tower confirms Paul Johnston as CEO https://insuranceasianews.com/tower_johnston/ Wed, 11 Jun 2025 07:11:35 +0000 https://insuranceasianews.com/?p=192648 Johnston, who has been interim CEO since February, will start in the new role from Wednesday.

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New Zealand insurer Tower has confirmed Paul Johnston as its permanent CEO, effective from Wednesday, according to a stock market announcement.
Johnston (pictured) has been serving as interim CEO sinc...

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]]> Kiwi insurer Tower strengthens tie-up with key external loss adjusting partner Sedgwick https://insuranceasianews.com/kiwi-insurer-tower-strengthens-tie-up-with-key-external-loss-adjusting-partner-sedgwick/ Mon, 09 Jun 2025 05:43:31 +0000 https://insuranceasianews.com/?p=192629 Chief claims officer Steve Wilson says the partnership will provide Tower with additional support from Sedgwick’s loss adjusters across New Zealand and the Pacific.

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Kiwi insurer Tower has "strengthened" its relationship with key external loss adjusting partner Sedgwick to primarily benefit customers during large weather events,  chief claims officer Steve Wilson ...

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]]> Tower reports H1 FY25 COR of 69.7%, profit up to US$36.5m https://insuranceasianews.com/tower-reports-h1-fy25-cor-of-69-7-profit-up-to-us36-5m/ Tue, 20 May 2025 02:49:00 +0000 https://insuranceasianews.com/?p=190910 Kiwi insurer’s first half GWP was NZ$176m, up 4% from a year ago, while it reported large-event costs of US$1.8m.

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Kiwi insurer Tower has reported a H1 FY25 COR of 69.7%, compared with 80.2% a year ago, while its underlying net profit after tax (NPAT) has risen by 68.5% year-on-year to NZ$61.7 million (US$36.5 mil...

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