Tower Insurance's new sea surge and landslide ratings affect premiums

Tamaki Drive, in Auckland's high-value Eastern suburbs, floods in 2018. (Image: NZME)

Wed, 20 Aug 2025

Close to 10% of Tower Insurance customers can expect their property insurance premiums to increase as the insurer moves to site-by-site calculation of the risk of sea surges and landslides.The remaining 90% of customers will see premiums reduce by an average of $70 a year per property.The new capacity to deliver such targeted risk-based insurance pricing starts today and follows Tower’s introduction of risk-rating for earthquakes and floods in 2018 and 2021, respectively.To mark the shift, Tower commissioned public polling that found 70%...

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