UPDATE Tower lifts premiums for house cover by average 30 percent as reinsurance charges rise

Tue, 02 Oct 2012

(Updates story that first ran on Oct. 1 to reflect company clarification of which premiums rose and fell) Oct. 2 (BusinessDesk) - Tower has raised its premiums for house cover by an average 30 percent to reflect an increase in charges from reinsurers after locking in $525 million per event of cover for the 2012/2013 year. The insurer raised its cover from $500 million per event, taking advantage of spare capacity in the reinsurance market to lock in more cover at a reasonable rate, said managing director Rob Flannagan. “There are lots of e...

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