Tower to present risk ratings on sea surge, landslips in coming months

(Image: Getty)

Fri, 24 Nov 2023

Tower will show customers its ratings on landslide and sea surge risks as it tries to paint a more accurate picture for its 321,000 customers in an environment where more regular natural disasters are driving up premiums.The New Zealand stock exchange-listed general insurer was at the forefront of introducing risk-based pricing, where it used granular data to match premiums to the potential to pay a claim rather than smooth them out across all its customers.That’s meant some customers in areas more prone to natural hazards have faced stee...

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