Income Protection Insurance Australia

Income protection insurance resources for Australians

Income Protection Insurance Australia :: News

Share this news item!

Enhanced Reinsurance Builds Tower's Resilience

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Tower has strategically expanded its catastrophe reinsurance coverage, boosting capacity for the forthcoming financial year to enhance growth prospects and mitigate the impacts of large-scale events.

Chief Financial Officer Paul Johnston highlighted the companyâ€™s success in reinforcing ties with global reinsurance partners, including securing several multi-year agreements. "These agreements bring us a significant degree of long-term stability in terms of reinsurance costs and catastrophe excesses," Johnston remarked today.

Commending the achievement, Johnston added, "We are delighted to have established a robust reinsurance framework characterized by consistent excesses and stable pricing."

The company has elevated the upper threshold for catastrophe cover to NZ$800 million (US$733 million) from the previous NZ$750 million (US$687 million). Additionally, Tower augmented its coverage for a third event to NZ$85 million (US$78 million) from NZ$75 million (US$69 million).

Excesses for the initial two events have risen to NZ$18.75 million (US$17.2 million) from NZ$16.9 million (US$15.5 million), while the excess for a third event remains steady at NZ$20 million (US$18 million).

Tower projects that its reinsurance costs will constitute 11.7% of its total income, a reduction from last year's 13.9%, exemplifying efficient cost management.

Following an earnings guidance upgrade announced last month, the company looks forward to reporting its annual financial results in November.

Published:Tuesday, 24th Sep 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

0 Comments

No comments yet. Be the first to share your thoughts.

Insurance News

Life Code Findings Put Income Protection Claims Back Under the Microscope

12 Aug 2026: Paige Estritori

The latest industry attention on Life Insurance Code compliance is another reminder that income protection insurance is not just about having a policy in place. For working Australians, the real test comes when illness or injury interrupts earnings and a claim needs to move from paperwork to practical financial support. - read more

Claims Handling Scrutiny Offers Income Protection Lessons

05 Aug 2026: Paige Estritori

Recent industry attention on insurance claims handling has put a practical issue back in front of Australian households: a policy is only as valuable as the support it provides when a claim is made. For income protection insurance, that moment often arrives during illness, injury, stress and reduced cash flow, so clear communication and timely assessment matter enormously. - read more

New APRA Data Reinforces the Need to Review Income Protection Cover

29 Jul 2026: Paige Estritori

APRAâ€™s latest life insurance performance data has put income protection back under the spotlight, with disability income products continuing to be one of the more closely watched areas of the sector. While the broader life insurance industry has been showing signs of improved stability, the update reinforces that policies designed to replace income after illness or injury remain sensitive to claims experience, pricing, and changing work and health trends. - read more

AFCA Decision Highlights Limits on Recovering Income Protection Payments

22 Jul 2026: Paige Estritori

A new Australian Financial Complaints Authority decision has offered an important reminder for anyone relying on income protection insurance through work or super: once benefits have been paid, an insurer generally needs a strong and clearly evidenced basis before asking for that money back. - read more

Why Commission Earners Should Check Their Income Protection Wording

15 Jul 2026: Paige Estritori

A recent Australian Financial Complaints Authority decision has put an important issue in focus for sales staff, recruiters, account managers and other workers whose income depends partly on commission. The dispute involved a policyholder covered under an employerâ€™s group income protection arrangement with MetLife. After a work-related mental health injury, he claimed on the policy, but his commission earnings were left out when his pre-disability income was calculated. - read more

What the Life Code Review Could Mean for Mental Health Claims

08 Jul 2026: Paige Estritori

The latest review of the Life Insurance Code of Practice has put mental health cover at the centre of the national conversation about life insurance, disability insurance and income protection. Independent reviewer Peter Kell has completed his final report, outlining 85 recommendations aimed at improving customer protections, claims handling, communication, vulnerability support and the enforceability of the Code. - read more

Click for more Insurance News

Life Insurance Articles

Self-Employed? Here's How to Determine Your Income Insurance Coverage Needs

In recent times, the allure of being your own boss has led to a significant shift towards self-employment in Australia. This growing trend reflects a desire for greater flexibility and autonomy in one's career. However, amidst this independence lie uncertainties and financial risks unique to those who venture out on their own. - read more

Benefit and Wailting Periods: Choosing the Right Combination for Maximum Protection and Value

In Australia, income protection insurance stands as a vital safeguard for professionals, ensuring security during times of unexpected illness or injury. It acts as a financial buffer, providing a percentage of your regular income, so you can maintain your lifestyle without the stress of lost earnings. - read more

Mental Health and Income Protection Insurance in Australia

Mental health conditions can affect income protection insurance applications, policy exclusions and claims in Australia. This guide explains how insurers may assess psychological illness, what evidence may be needed, and what to check before applying or claiming. - read more

5 Common Misconceptions About Income Protection Insurance in Australia

Income protection insurance is a vital safety net for many Australians, offering financial stability when unexpected circumstances like illness or injury occur. Despite its importance, there are numerous misconceptions surrounding this type of insurance, leading to confusion and inadequate coverage among consumers. - read more

Understanding Your Policy: Key Terms That Impact Your Insurance Claim Outcome

Welcome to the beginning of your journey through the maze of insurance policy terms and conditions. For many Australians, navigating through an insurance policy can be as daunting as trying to understand a legal document. That's because, in a way, it is one. This section is designed to set the foundation for a comprehensive understanding of the key terms that impact your insurance claim outcomes. - read more

How to Protect Your Income During Health Setbacks: A Complete Guide

Income protection is a crucial safety net for Australians, offering financial security when health setbacks strike. This type of insurance ensures that you continue to receive a portion of your income if illness or injury prevents you from working. Itâ€™s an essential aspect of financial planning, providing peace of mind knowing that you can maintain your lifestyle even when unforeseen health issues arise. - read more

Start Here !

Apply now for your free Insurance assessment and price comparisons!

All quotes are provided free and without obligation. We respect your privacy.

Knowledgebase

Incontestability Clause:
A provision in a life insurance policy that prevents the insurer from voiding coverage due to a misstatement by the insured after a certain period.

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.

Enhanced Reinsurance Builds Tower's Resilience

Enhanced Reinsurance Builds Tower's Resilience

Share this news item:

Start Here: