TWR - Tower Insurance.

[nztx]

https://www.nzherald.co.nz/business/...OUWRYEIQ2LPME/

Auckland floods: ‘Devastated’ school uniform shop owner loses $450K of stock

A spokeswoman for insurance group Suncorp New Zealand, which included brands AA Insurance and Vero, said in a statement it had received more than 1000 claims by Saturday afternoon and was “expecting significantly more”.

Tower’s chief claims officer Steve Wilson said it was experiencing “very high claims volumes” and was expecting the Auckland floods to be a large insurance event.

“Our job as an insurer is to be there when people need us most. Our teams care deeply about our customers - we’re working as hard and as fast as we can to do what’s right by them.”

Tower assessors were visiting affected areas on Saturday morning and the company was flying in more assessors from around the country. It had also added extra resource to its call centre and online claims department, including dedicating its call centre in Fiji, Wilson said in a statement.

[nztx]

The guys at TWR had better keep the Lighthouse manned

Here's the next instalment on it's way:

https://www.nzherald.co.nz/nz/metser...LEUKTLSNP4IJA/

MetService issues thunderstorm watch for Northland


Plus - 10.30 am Live Update

New Zealand’s three biggest weather agencies are predicting another heavy deluge for Auckland and North Island centres over coming days;

[winner69]

The guys at TWR had better keep the Lighthouse manned

Here's the next instalment on it's way:

https://www.nzherald.co.nz/nz/metser...LEUKTLSNP4IJA/

MetService issues thunderstorm watch for Northland


Plus - 10.30 am Live Update

Would this be a new ‘major event’ or would a sequence of storms be rolled into ‘major event’

[clip]

On the news just now AA said this could be the worst wet weather event in terms of insurance claims in history. 6pm Three News

[winner69]

On the news just now AA said this could be the worst wet weather event in terms of insurance claims in history. 6pm Three News

Just as well for reinsurance eh …even though that is going to get more expensive

All insured will eventually pay

[Perky]

Agree, that’s how I see it. The insurance companies take a short term hit, re adjust next years premiums and go again.
Still it not a bad business model. Get a whole lot of cash up front for an event that may or may not happen and only pay out if such event actually occurs. Invest that money and keep the difference.
Unfortunately a small island nation located on the ring of fire seems to have frequently occurring events so might not be the best place in the world to run a profitable insurance business

Bit of trivia..

Monaco and Andora are the countries least affected by natural disasters according to a 2022 study. That year, these countries had a disaster risk index (WRI) of 0.26, due to low exposure and susceptibility to disasters. Among the countries with the highest disaster risk, the majority were islands that were prone to be affected by sea-level rise.

[850man]

Rain effects play - SP down 7% on opening today

[Perky]

Would this be a new ‘major event’ or would a sequence of storms be rolled into ‘major event’

You always ask insightful questions Winner.

One of the most interesting cases of this question was the terrorist plane attacks on the twin towers. Was it one event or could they be aggregated?

quite interesting reading on another wet day in Auckland
https://hsfnotes.com/insurance/2016/...rom-one-event/

[ronaldson]

The ChCh earthquake sequence was also interesting in that regard. And given initial damage was often exacerbated by subsequent shaking, to which "event " were costs to be allocated. And when did new "drop down " reinsurance arrangements kick in. Very important since most major earthquakes have quite large fore/aftershocks with sometimes decent intervals between.

On another note, as a TWR holder I am realistic about the current share price action this morning. The rainstorm has been a very significant event and will have long-lasting ramifications. But it would be possible to overestimate the actual impact upon shareholders given reinsurance, and also EQC's contribution to landslip losses. But I guess that the additional costs of responding to an almost unprecedented number of claims fall on the insurer rather than the reinsurer, so that will go directly to the bottom line. And it would be naive to consider every claim will settle without contention as the ChCh event shows/is still showing.

And what a wake-up call to Auckland in particular regarding stormwater infrastructure. Rate rises are also coming.

[bull....]

i see iag said there network ( ami , state , nzi ) has received 5000 claims as of this morning. announcement by them in australia

anyway i topped up this morning