Tower cuts the flood risk in its portfolio

The October 2024 Dunedin floods cost Tower around $3m. (Image: NZME)

Tue, 11 Feb 2025

Tower Insurance has reported an approximate $3 million cost for the October 2024 Dunedin floods, the first call on its $50m catastrophe funds for the 2025 year.Tower Insurance has moved to decrease its portfolio's flood risks and added 8,000 policies in the first Dec 31, 2024 quarter.The New Zealand Exchange-listed (NZX) company reported that 92% of new house insurance policies were rated as low or very low for flood risk, up from 87% in the previous year. The growth in policies was predominantly in the house and contents markets.The floodi...

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