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Income Protection Insurance Australia
Income Protection Insurance Australia :: News
Enhanced Reinsurance Builds Tower's Resilience
Enhanced Reinsurance Builds Tower's Resilience
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 company’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
Source: Paige Estritori
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