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  1. #1511
    Speedy Az winner69's Avatar
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    Quote Originally Posted by 850man View Post
    I contacted Tower and got a bit more information on reinsurance. They advised the aggregate programme will cover the recent floods up to $7.5m. Should the event ultimately exceed $10m, Tower’s catastrophe programme cuts in. This is reflected in the diagram attached (from page 20 of our half-year results presentation). Attachment 12765
    So it’s all honky dory then …..no change to guidance and dividend still coming

    Hope weather plays it part next month
    . To say extreme valuations are “justified” is also to say that long-term market losses are “justified.” .

  2. #1512
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    agree with JTH current pattern could be bullish
    if H+S breaks the shoulder tho.....
    Last edited by peat; 23-07-2021 at 04:24 PM.
    For clarity, nothing I say is advice....

  3. #1513
    Speedy Az winner69's Avatar
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    Irrespective of worrying how much the floods are going to cost Tower or whether there are bullish or bearish patterns on a chart we should as the man from Tower says 'our thoughts are with all those affected by these floods.'

    Does seem to be a real mess down there
    . To say extreme valuations are “justified” is also to say that long-term market losses are “justified.” .

  4. #1514
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    A fairly damning report on many NZ Insurers here:

    https://www.stuff.co.nz/business/125...rance-industry

    Over-charging, poor-value policies identified in FMA review of house, car and contents insurance industry


    Bolingford said: “New Zealanders rely on insurance to protect what they value most. Customers rightly expect to be treated fairly, have their interests properly considered, and have access to products that are fit for purpose.”

    She said only two of the 42 house, contents, car, business, travel and health insurers reviewed had done what the FMA had asked of them in the review, which began in 2019.

    They were IAG, which owned the State, AMI and NZI brands, and Medical Assurance Society.


    The report said several insurers had large-scale remediation activity under way as a result of the review and that would mean refunds for thousands of customers.

    Bolingford said it was very hard for customers to understand how their house, car and contents premiums were calculated, so it was disappointing to find insurers’ systems not identifying overcharging.

    She gave the example of a couple in their 80s discovering they had been charged double premiums by their insurer for two years, resulting in them overpaying by $800

    The FMA did find evidence that some insurers proactively identified overcharging, and fixed it.

    “These issues were mostly related to weak systems and processes, poor value and legacy products, and lack of ongoing monitoring of suitability throughout the product lifecycle,” Bolingford said.



    more at article link above..
    ... the fine art of sniffing out debits & credits hidden under the carpet can pay dividends ...

  5. #1515
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    https://www.nzx.com/announcements/376349 A bit of good news in an otherwise waterlogged couple of weeks. I'd say Trademe brings Tower quite a bit of business and looks lime more to come.

  6. #1516
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    https://www.nzherald.co.nz/nz/wild-w...6DOBDBE62USCY/

    Worse storm to hit West Auckland in history according to councillor.

    Wonder if Tower has much by way of insurance in that area.

  7. #1517
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    Tower has 9.3% of market, unsure how concentrated that would be in the affected area. Suncorp and IAG form the majority of general cover in NZ (until say the next in line grabs more market share?). Tower has been pretty good recently advising any impact after some time has passed to allow lodgment of claims and the start of the assessment/remediation.

    Given Tower are taking a more localised risk based approach, flood zones are something I would imagine they very interested in. There are plenty of records for flood severity and frequency available currently, and being updated. Underwriting responses could be peril based exclusions, higher excesses and/or higher premiums for potentially affected properties. For particularly susceptible risks it even moves into the area of potentially no longer being an unforeseen risk - if there are alleviation options via altering the structure or land.

    Even after the event some flood damage can be minimised these days with quick response and heavy duty blowers on site. Carpets dried instead of replaced etc.

  8. #1518
    Speedy Az winner69's Avatar
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    Tower might become so risk averse they will get out of property insurance - number of less risky localities seem to be diminishing fast
    . To say extreme valuations are “justified” is also to say that long-term market losses are “justified.” .

  9. #1519
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    Seems to be a 100 year event every half year lately. TWR always battling something

  10. #1520
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by Rawz View Post
    Seems to be a 100 year event every half year lately. TWR always battling something
    I was going to suggest it seems to be every second month.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.

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