Tower reports $74m profit under tranquil skies

Insurer Tower has benefited from a calm 2024 financial year, resulting in a $74.3 million net profit.That compares with a $1m net loss after tax in the Sept 30, 2023 year, mostly due to Cyclone Gabrielle and the Auckland Anniversary floods.Tower’s business-as-usual claims ratio – the proportion of premiums paid out in claims – reduced to 48.1% from 55.1% in the 2023 financial year. Several factors contributed to that improvement, including better weather, lower crime, enhanced processes and a reduction in motor theft clai...