TWR - Tower Insurance.

[Southern Lad]

Also...$7.5m refund
.
https://www.tower.co.nz/about-us/new...k-to-customers

With the IAG brands playing hard ball on whether they will follow TWR and the Suncorp brands, I don’t see the decision by TWR to pass back this windfall gain as a bad think. Always better to play the long game and show some policy holder sympathy.

[winner69]

With the IAG brands playing hard ball on whether they will follow TWR and the Suncorp brands, I don’t see the decision by TWR to pass back this windfall gain as a bad think. Always better to play the long game and show some policy holder sympathy.

Booked travel last October for April/May trip and had travel insurance with Southern Cross

Of course travel didn’t happen and we got full refunds for everything (including AIR) but assumed they had carried some risk for some months didn’t even think of getting a refund on the insurance ...but they sent me a letter saying no travel full refund of policy.

Know where I go next time.

[Gerald]

https://imgur.com/BWngoq4

Only been with TWR for 6 months but she's a hard master Think i'll console myself that a dividend isn't too far away and there are other crazies (like Salt) out there

[tim23]

Thought dividend was coming last time but they gave rebate to drivers...

[Cadalac123]

Thought dividend was coming last time but they gave rebate to drivers...

yeah questionable move tbh

[nztx]

yeah questionable move tbh

TWR sure as hell knows how to punish it's shareholders .. the same collective mob who got the call with a carrot dangled & who coughed up for the previous excuse used to buy up the Youi outfit up as well

The ongoing chapters of excuses for withholding Div's will only continue to be swallowed for so long until the calls
start rolling in for changes to inhabitants on the board table riding the gravy train treating it's investors so poorly

In receipt of a second lot of nonsense, it was easy to find far more attractive & better coy's to park up a few investment dollars,
which do portray a far more generous (and less lousy) recent track record.

Would think twice about holding in TWR in future and the same goes for other contact or doing business with the outfit

Fair is Fair after all

It is no wonder the SP has gravitated in the lowly regions it has while this has been going on

The High Flyers on the board should know considerably better

[Leemsip]

Its a tough hold alright.

Is TWR still going to court? https://www.tower.co.nz/about-us/new...s-eqc-to-court

Cant find anything on this on the interweb...

Resolution on this $80m claim on EQC is holding back the divis and a $1 share price....

[Marilyn Munroe]

IAG Australia has delivered a stinker. Hopefully caused by issues peculiar to IAG rather than general market conditions.

https://www.smh.com.au/business/bank...24-p55f1o.html

Boop boop de do
Marilyn

[Jaa]

Here's a report on IAG's NZ results which were also down, despite pocketing the bonus money from reduced car claims unlike Tower and AA.

https://www.nzherald.co.nz/business/...ectid=12354499

Higher claims stemming from the Canterbury hailstorm and increased operating costs linked to closing its AMI offices has dragged down the profits of IAG New Zealand - the parent company for State and AMI.

The New Zealand arm of the ASX-listed IAG Group business reported an insurance profit of A$330 million ($357m) for the year to June 30 - a A$60 million drop on the previous year.

Also... Chch claims are far from over....

It still had 900 claims open out of the more than 90,000 it received.

"Outstanding Canterbury earthquake claims include those subject to dispute and litigation, as well as recently received over-cap claims from the Earthquake Commission.

"It remains IAG's expectation that finalisations of all residual claims will take several years given associated complexity."

IAG's share price is at 5-8 year lows in Australia. Good news for Tower I guess, IAG won't be undercutting on price any time soon!

[Jaa]

Just checked Tower's other major competitor, Suncorp and it's share price has done even worse than IAG over 8 years. What a terrible time to be in insurance, made even worse considering the market bull run over the same time frame.