TWR
30/10/2014 08:30
GENERAL
REL: 0830 HRS Tower Limited
GENERAL: TWR: TOWER brings back full replacement for homes lost to fire
30 October 2014
Market Information
NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington
New Zealand
Company Announcements Office
Australian Securities Exchange Limited
Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
Australia
TOWER brings back full replacement cover for homes lost to fire
TOWER Limited (NZX/ASX: TWR) is today bringing back full replacement cover
for New Zealand houses destroyed by fire, one of the main reasons for the
total loss of a home.
TOWER is the only major insurer focusing on all New Zealanders to offer any
form of full replacement benefit since the industry move to sum insured in
early 2013. Policy holders' homes will be fully replaced to the same
standards as before the fire.
Fire is the most common reason for the total loss of a home, after natural
disasters, yet only about 10 per cent of New Zealanders consider losing their
house to fire to be a high risk, according to recent survey results from
Horizon Research*.
TOWER Chief Executive Officer David Hancock said the company understood that
a house fire can happen to anyone and the impact is totally devastating.
TOWER was pleased to be able to introduce an improved level of cover for
people's biggest assets - their homes.
"Being able to provide full replacement for fire means one less worry for
homeowners in the traumatic event of a fire. TOWER can guarantee your home
will be fully rebuilt if it's destroyed by fire, regardless of the cost or
the sum you're insured for," says Mr Hancock.
Many homeowners have struggled to understand sum insured house insurance
since it was introduced after the Christchurch earthquakes, he said.
"Our customers have repeatedly told us that they find the concept of sum
insured confusing and worry about whether they have the right insurance
cover. People want to know that if the worst happened they can at least know
that they will get their house back the way it was.
"TOWER is committed to doing the right thing for our customers, we've been in
New Zealand for 140 years looking out for Kiwis and we'll keep finding ways
to help people when they need it most."
Mr Hancock said that TOWER will continue to partner with its international
reinsurers to offer cover that meets customers' needs. TOWER would like to
see homeowners having more options for how they insure their home and TOWER
will keep working hard to try and simplify the house insurance process.
Full replacement for fire applies to any new TOWER house insurance policies
purchased from today, as well as all existing TOWER house insurance policies.
The new benefit excludes those typically older homes that are covered by a
Present Day Value policy. These make up a very small percentage of TOWER's
customer base.
For further information, please contact:
Tracey Palmer
Head of Corporate Communications
Mobile: +64 21 837 860
Email: [email protected]
For investor queries, please contact:
Julia Belk
Head of Capital and Investor Relations
Phone: +64 9 925 0034
Email: [email protected]
*Horizon Research surveyed 1669 people between 17 and 22 October 2014, using
the HorizonPoll
National Panel representing the New Zealand population 18+. The sample has a
maximum margin
of error at a 94% confidence level of +/-2.5%.
End CA:00256963 For:TWR Type:GENERAL Time:2014-10-30 08:30:06
