How Tower is pricing a riskier New Zealand
About this episode
Paul Johnstone, CEO of Tower, discusses the evolving landscape of insurance pricing in New Zealand due to climate change and technological advancements.
Insurance is getting more expensive and more sophisticated, as climate change, extreme weather and rising costs reshape how insurers price risk. Tower CEO Paul Johnstone explains why the price of risk in New Zealand has materially changed over the past 15 years, and how Tower is using up to a billion data points to price individual properties based on their exposure to hazards like floods, earthquakes, landslides and sea surge. He also discusses what rising weather-related losses mean for the insurance industry — and why he still believes insurance is a good business to be in. Plus, how Tower is using AI to streamline claims and customer service, why its technology has already saved a million minutes of call time, and how the business is balancing lower premiums with growth and profitability. For more places to follow Shared Lunch—check out http://linktr.ee/sharedlunch Shared Lunch is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand. It is not financial advice. Information provided is general only and current at the time it’s provided, and does not take into account…
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