Tower has reported an after-tax profit of $19.3million​, up 72​ per cent on the previous year. In an announcement on the NZX sharemarket, Blair Turnbull​, Tower chief executive, said the insurer’s profit lift was achieved despite an increase in extreme weather events and large house fire claims. The claims cost of replacing second hand cars rose 13​ per cent during the financial year, Tower reported, and the cost of building a home rose 12​ per cent. In August, Tower changed the full replacement fire benefit in its house insurance policies to what Turnbull called “extended sum insured”. Under the new setting, the amount Tower has to pay is capped at 120 per cent of the sum insured the policyholder put in place.

Source: Stuff November 24, 2021 02:01 UTC