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 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.
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.
A new Australian Financial Complaints Authority decision has underlined a point that is easy to overlook when buying personal insurance: a serious diagnosis does not always mean a policy benefit will be payable. The ruling, reported on 29 June 2026, involved a claimant who sought benefits after being diagnosed with high-grade urothelial carcinoma of the bladder. Although the illness was serious and required treatment, AFCA found the insurer was entitled to rely on the specific wording of the policy. - read more
A recent sanction against an unnamed life insurer has put claims handling back under the spotlight, particularly for Australians who rely on personal insurance as a financial safety net. The Life Insurance Code Compliance Committee found that the insurer failed to request required information from claimants at the earliest available opportunity, contributing to significant delays for some customers waiting on claim decisions. - read more
Hostplus, a leading Australian superannuation fund, has announced the extension of its group insurance partnership with MetLife Australia until June 2028. This strategic move aims to enhance the insurance benefits available to Hostplus members, reflecting the fund's commitment to providing comprehensive and cost-effective coverage. - read more
Recent data reveals a concerning trend: over 8 million Australians are now accessing some form of income support, marking an increase of approximately 2 million individuals over the past decade. This surge is predominantly driven by a rise in mental health-related claims, underscoring the pressing need for comprehensive mental health support and effective income protection strategies. - read more
Acenda Life has recently implemented a series of updates to its Retail Life Insurance portfolio, effective from 11 April 2026. These changes are designed to provide greater flexibility and accessibility for Australians seeking income protection insurance, addressing common concerns about policy limitations and entry age restrictions. - read more
HESTA, a leading Australian superannuation fund, has unveiled a significant reduction in insurance fees, set to take effect from 1 July 2026. This initiative aims to make insurance coverage more accessible and affordable for its members, aligning with the fund's commitment to enhancing member benefits. - read more
Income protection insurance is often surrounded by the myth of being unaffordable, deterring many Australians from safeguarding their most valuable asset—their ability to earn. This introduction aims to address this misconception head on, revealing the real value that income insurance policies can provide. It is crucial to understand that the cost of such a policy pales in comparison to the potential financial hardship faced without one. - read more
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
Income protection insurance is a key component of financial planning that safeguards your earning potential in the untimely event of illness or injury. In Australia, it reassures individuals that their most valuable asset, the ability to earn, is shielded against unforeseen circumstances. Adequate income protection can provide peace of mind, with the security of a regular income even when you're unable to work. - read more
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
Income protection insurance is a critical safety net for Australians, offering financial security in the event that one is unable to work due to illness or injury. The peace of mind it brings cannot be overstated, as it ensures that individuals and their families can maintain their standard of living even when the unexpected happens. - read more
To all the self-employed Australians! You're the backbone of our economy, recognized for your entrepreneurial spirit and abilities to navigate the unique challenges of managing your own business. Yet, with great freedom comes great responsibility, particularly when it comes to securing your financial well-being. - 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
Waiting Period: The time period that must pass after filing a claim before the insurance coverage becomes effective or benefits are paid.
No comments yet. Be the first to share your thoughts.