TWR - Tower Insurance.

[Antipodean]

Or it could be people who are willing to sell Tower every time adverse weather conditions occur are already out?

Talk of running out of reinsurance cover... but we're not even close. For some numbers - in 2021 the net claims incurred for domestic (home and contents) policies in all of NZ for all the year was $916m.

Tower does not cover the entire NZ market. Even if it did... the GWP for the same product and period was over $2b.... so still a healthy loss margin even in a difficult year. Even once you take out admin and other costs you can see why insurance still works and can turn profit even in claim heavy years.

[bull....]

yep stock prices of insurance co's in aus doing alright. even with all the bad weather

[bull....]

IAG saying they looking too raise premium's 10% in the next year. I am presuming this means 10% + in NZ

https://www.abc.net.au/news/2023-02-...year/101847014

The results showed home insurance premiums rising by 10 per cent and motor cover increasing at a slightly faster rate in December last year, as the insurer flagged further premium increases in this half.

https://www.smh.com.au/business/bank...13-p5cjzx.html

[alokdhir]

IAG saying they looking too raise premium's 10% in the next year. I am presuming this means 10% + in NZ

https://www.abc.net.au/news/2023-02-...year/101847014

Premiums need go higher for higher risk houses and cars only ...raising them for everybody will not be fair ...they need emphasise to holders that if u live in high risk areas then flooding premiums for houses and cars will be higher so people look for such stuff before buying any house ...clifftops / flood prone / earthquake prone etc all is already available on LIM report ...use that risks to connect with premiums ...like hardly any claims from East Akl in last two events while almost 70% from West Akl ...it shud reflect in new premiums too ....

[bull....]

Premiums need go higher for higher risk houses and cars only ...raising them for everybody will not be fair ...they need emphasise to holders that if u live in high risk areas then flooding premiums for houses and cars will be higher so people look for such stuff before buying any house ...clifftops / flood prone / earthquake prone etc all is already available on LIM report ...use that risks to connect with premiums ...like hardly any claims from East Akl in last two events while almost 70% from West Akl ...it shud reflect in new premiums too ....

it will be even higher for some people in risk area's going forward and possibly like aus some people might even be looking at insurance premium's in the 10s of thousands for there home hence making it unaffordable for most and this removing the risk from insurers

[Jaa]

Nothing from Tower so far about the cyclone. Got to assume there will be more than $12m of claims and their 2nd catastrophe cover will now be triggered.

Key questions:

1) Did they replace the catastrophe cover used by the Auckland event before the cyclone hit?

2) If not, will they now need to buy cover for an additional two events? If so, how much will the delay cost them?

3) If not, Tower is currently left with only their 3rd, final and markedly reduced $45m of cover and even then only if Auckland flood claims stay below $889m. See page 19 of their FY presentation.

Another disaster before they buy more cover and it could be the end of Tower, a modelled 1 in 1000 year probability.

But they are just a ticket clipper right?

[nztx]

Nothing from Tower so far about the cyclone. Got to assume there will be more than $12m of claims and their 2nd catastrophe cover will now be triggered.

Key questions:

1) Did they replace the catastrophe cover used by the Auckland event before the cyclone hit?

2) If not, will they now need to buy cover for an additional two events? If so, how much will the delay cost them?

3) If not, Tower is currently left with only their 3rd, final and markedly reduced $45m of cover and even then only if Auckland flood claims stay below $889m. See page 19 of their FY presentation.

Another disaster before they buy more cover and it could be the end of Tower, a modelled 1 in 1000 year probability.

But they are just a ticket clipper right?

gotta have enuff tickets stashed away to be able to clip them

Do we have another cyclone on the way soon ?

the season could just be getting started rock & rolling ... and crashing

or do we get a break before the winter storm varieties start rolling on in

[Jaa]

gotta have enuff tickets stashed away to be able to clip them

Do we have another cyclone on the way soon ?

the season could just be getting started rock & rolling ... and crashing

or do we get a break before the winter storm varieties start rolling on in

Earthquakes, volcanoes....

Tower year end is March 31 and can't come soon enough!

[Poet]

Earthquakes, volcanoes....

Tower year end is March 31 and can't come soon enough!

Sorry to bring bad tidings, and I'm sure this will rip your knickers, but TWR end of year is 30 September

[nztx]

Sorry to bring bad tidings, and I'm sure this will rip your knickers, but TWR end of year is 30 September

now the cat's out of the bag