Tower lifts FY27 catastrophe reinsurance limit to NZ$970 million

New Zealand insurer Tower increased its catastrophe reinsurance limit to NZ$970 million ($554.36 million) for the financial year ending Sept. 30, 2027, from NZ$915 million a year earlier, and expects reinsurance costs to fall as a share of premium income. The insurer's event excess remains at NZ$20 million. Tower also increased its third catastrophe cover limit to NZ$100 million from NZ$85 million. It expects reinsurance expense to account for 9.5% of gross written premium in FY27, down from 10.6% in FY26.