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Tower Insurance

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Tower Insurance is a New Zealand-based general insurer serving personal and small-business customers in New Zealand and selected Pacific Island markets.

Last updated August 31, 2026

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Overview

Tower Insurance is the consumer-facing insurance brand of Tower Limited, a New Zealand insurer with roots in the government-owned New Zealand Government Life Insurance Department established in 1869. Although the original business was focused on life insurance, its modern identity is principally associated with general insurance, including cover for homes, contents, vehicles, boats, pets, travel, businesses and renovation projects. The organisation became Tower Corporation in 1987 during the corporatisation of several New Zealand government departments and public organisations. In 1990, ownership was transferred to policyholders when the business was mutualised. Mutual ownership restricted the company's ability to raise capital, contributing to its demutualisation in 1999. Tower then listed on both the New Zealand and Australian stock exchanges. In November 2006, the Australian and New Zealand operations were separated following shareholder and High Court approval. Tower's expansion into general insurance was accelerated by its 1989 purchase of National Insurance Company of New Zealand. National Insurance had been founded in Dunedin in 1873 and had acquired Standard Insurance Company in 1961. These businesses supplied the foundations for Tower's fire and general insurance activities. Over time, Tower also developed insurance distribution relationships with banks, retailers and specialist partners, allowing it to reach customers through both its own channels and co-branded products. The company sold its medical-insurance and managed-funds divisions in 2012, followed by its life-insurance business in 2013. This represented a strategic concentration on general insurance. In 2013, Tower also announced a move away from full-replacement home policies toward nominated-sum-insured products, citing changes in international reinsurance conditions. It subsequently became known for using risk-based pricing, introducing property-specific earthquake pricing in 2018 and inland-flood pricing in 2021. These tools use property and hazard information to differentiate premiums according to estimated risk. Digital services have become an important part of Tower's customer proposition. The My Tower self-service platform was introduced in New Zealand in late 2019. It enables customers to obtain quotes, purchase and view policies, make payments, update personal details and lodge claims. The platform reached Fiji in 2022 and was extended to all Pacific markets in which Tower operates by March 2023. Tower also launched Quick Quote in 2021, using publicly available information to pre-populate parts of the quotation process. Tower's Pacific business operates through markets including Fiji, Samoa, Tonga, American Samoa and the Cook Islands, with a regional hub in Suva, Fiji. The company assumed complete ownership of National Pacific Insurance in 2021, and that business began adopting the Tower brand in 2022. Tower has also pursued products designed for climate-related risks, including Cyclone Response Cover, a parametric product piloted in Fiji in partnership with the United Nations Capital Development Fund in 2022 and subsequently made available in Fiji, Samoa and Tonga. In the 2020s, Tower expanded its distribution arrangements through relationships with TSB, Kiwibank, Trade Me, Allianz, Coastguard New Zealand and the New Zealand Defence Force. It announced the acquisition of TSB's insurance portfolio in 2022 and a new Kiwibank partnership in 2024. A separate Westpac New Zealand arrangement is scheduled to have Tower underwrite house, contents, motor and landlord products sold by Westpac from July 2026. Tower marked 150 years of Pacific operations in 2024. Its Auckland head office is in a six Green Star-rated building, and the company continues to operate as a shareholder-owned, listed general insurer.

History

Tower Insurance traces its institutional history to the New Zealand Government Life Insurance Department, created in 1869 with government capital. The department became commonly known as Government Life and initially concentrated on life insurance. Its distinctive postage stamps, introduced in 1891 after a dispute with New Zealand postal authorities over postage calculations, featured lighthouse imagery. Further stamp designs appeared in 1905, 1947, 1969 and 1981, and the stamps were withdrawn in 1989. In 1987, Government Life became Tower Corporation as part of a broader programme of corporatisation affecting New Zealand government departments and organisations. In 1990, the company was transferred to policyholders and operated as a mutual insurer. The mutual structure made capital raising more difficult, so Tower demutualised in 1999 and listed in New Zealand and Australia. In 2006, the Australian and New Zealand businesses were separated after approval by shareholders and the High Court. Tower entered general insurance through the 1989 acquisition of National Insurance Company of New Zealand. Founded in Dunedin in 1873, National Insurance had developed an international presence and had acquired Standard Insurance Company in 1961. These transactions gave Tower fire and general insurance capabilities beyond its original life-insurance base. Tower later disposed of its medical insurance and managed-funds businesses in 2012 and its life-insurance business in 2013, leaving general insurance as its principal focus. The company's home-insurance model changed in 2013 when it moved from full-replacement policies toward nominated sums insured. Tower attributed the change to the position of international reinsurers. It subsequently developed a more granular approach to property risk, introducing risk-based earthquake pricing in 2018 and inland-flood pricing in 2021. The approach was intended to link premiums more closely to property characteristics and hazard exposure, while also providing public tools that help customers understand risk. Technology became a central element of Tower's operating model during the late 2010s and early 2020s. My Tower launched in New Zealand in late 2019 and was introduced in Fiji in March 2022. It supports online quotations, policy purchase, payments, policy viewing, personal-detail changes and claims lodgement. By March 2023, it had reached all of Tower's Pacific markets. Quick Quote, launched in June 2021, uses publicly available information to pre-populate quotation details and reduce the number of questions customers must answer. Tower's Pacific operations include Fiji, Samoa, Tonga, American Samoa and the Cook Islands. Its regional hub in Suva supports the business across these markets. In November 2021, Tower announced that it would take full ownership of National Pacific Insurance, simplifying the relationship between its New Zealand and Pacific operations. National Pacific Insurance began rebranding to Tower in August 2022. Tower has also responded to climate and catastrophe risks. In 2022, it piloted Cyclone Response Cover in Fiji with the United Nations Capital Development Fund. The parametric product was later made available in Fiji, Samoa and Tonga. In 2025, Tower expanded property risk pricing and rating tools to include landslide and sea-surge risks. The business has supplemented its own channels with distribution partnerships involving banks, online marketplaces, travel and pet specialists, maritime organisations and defence-related customer groups. It acquired TSB's insurance portfolio in 2022, announced a Kiwibank partnership in 2024 and planned to underwrite selected Westpac New Zealand products from July 2026. Tower celebrated 150 years of Pacific operations in 2024 and remains an active, shareholder-owned listed insurer headquartered in Auckland.

  • 2025

    Risk tools add landslide and sea-surge risks

    [1]

    Tower extends risk-based pricing and public risk-rating tools to additional natural hazards.

  • 2024

    Tower marks 150 years in the Pacific

    [1]

    The company commemorates 150 years of Pacific operations.

  • 2022

    Tower expands digital and Pacific operations

    [1]

    My Tower launches in Fiji, Tower announces the TSB portfolio acquisition, and National Pacific Insurance begins rebranding to Tower.

  • 2021

    Flood risk pricing and Quick Quote introduced

    [1]

    Tower introduces inland-flood risk pricing and launches an online quotation tool.

  • 2019

    My Tower launches in New Zealand

    [1]

    Tower introduces its principal digital self-service platform.

  • 2018

    Risk-based earthquake pricing introduced

    [1]

    Tower becomes the first New Zealand insurer identified in the reference material as introducing property risk-based pricing for earthquakes.

  • 2013

    Tower exits life insurance

    [1]

    The life-insurance business is sold as Tower concentrates on general insurance.

  • 2012

    Medical and investment divisions are sold

    [1]

    Tower disposes of its medical-insurance and managed-funds divisions.

  • 2006

    Australian and New Zealand operations separate

    [1]

    The two operations are separated following shareholder and High Court approval.

  • 1999

    Tower demutualises and lists

    [1]

    Tower returns to shareholder ownership and lists on the New Zealand and Australian exchanges.

Products and positioning

A digitally enabled New Zealand and Pacific general insurer emphasizing customer self-service, property-specific risk assessment, climate resilience and broad partner distribution.

  • Property insurance

    Home insurance

    Cover for residential buildings, with Tower using property-specific risk information in its pricing approach. The product sits within Tower's broader shift from full-replacement policies toward nominated sums insured and incorporates consideration of hazards such as earthquakes, inland flooding, landslides and sea surge.

  • Property insurance

    Contents insurance

    Insurance for household possessions and personal contents, distributed through Tower's direct channels and selected banking and retail partners.

  • Personal insurance

    Motor insurance

    Car insurance offered as a core personal-lines product through Tower and partner channels. Tower has received industry recognition for its car-insurance value and product proposition.

  • Specialty personal insurance · 2021

    Boat insurance

    Marine cover for boats, made available through an online offering introduced by Tower in 2021.

  • Travel insurance

    Travel insurance

    Travel products covering categories such as international, trans-Tasman, cruise and senior travel, including products distributed with specialist partner support.

  • Construction insurance · 2022

    Contract works – Renovation cover

    Cover introduced for residential renovation projects, including theft of materials and damage occurring while renovation work is under way.

  • Parametric climate insurance · 2022

    Cyclone Response Cover

    A parametric cyclone product developed with the United Nations Capital Development Fund. It was piloted in Fiji in 2022 and later made available in Fiji, Samoa and Tonga.

  • Digital insurance platform · 2019

    My Tower

    Tower's self-service platform enables customers to obtain quotes, buy policies, make payments, view policy information, update personal details and lodge claims online.

Marketing campaigns

  • 2022Thinking Ahead

    New Zealand · Pacific Islands

    Tower introduced a new brand identity under the 'Thinking Ahead' positioning, linking the brand to forward-looking risk management, digital development and a customer-centred growth strategy.

    Outcome. The identity became part of Tower's wider transformation and growth narrative.

    Source

Brand decisions

  • 2025

    Extend risk-based pricing to landslide and sea surgeStrategy

    Background

    Tower continued developing property-level risk assessment to improve pricing transparency and reflect different natural-hazard exposures.

    Action taken

    The company expanded its pricing and public risk-rating tools to cover landslide and sea-surge risks.

    Aftermath

    Tower's risk-based model covered a wider set of property hazards and supported its differentiated home-insurance proposition.

    Source

  • 2022

    Acquire TSB insurance portfolioM&A

    Background

    Tower had underwritten TSB's insurance portfolio since 2004 and sought to deepen its relationship with the bank.

    Action taken

    Tower announced the acquisition of the TSB insurance portfolio for NZ$5.2 million.

    Aftermath

    The transaction expanded Tower's portfolio and partner-distribution presence.

    Acquisition price. NZ$5.2 million (Announced May 2022)

    Source

  • 2022

    Develop Cyclone Response CoverProduct launch

    Background

    Pacific customers face recurring cyclone risk, while conventional insurance can be difficult to access or administer after major catastrophes.

    Action taken

    Tower piloted a parametric cyclone product in Fiji with the United Nations Capital Development Fund.

    Aftermath

    The product became available to customers in Fiji, Samoa and Tonga.

    Source

  • 2021

    Launch Quick QuoteStrategy

    Background

    Tower was investing in digital processes to reduce friction in insurance quotation and improve customer service.

    Action taken

    The company launched an online tool that uses publicly available information to pre-populate quotation details.

    Aftermath

    The tool became part of Tower's broader digital transformation programme.

    Source

  • 2021

    Take full ownership of National Pacific InsuranceM&A

    Background

    Tower sought to simplify its New Zealand and Pacific operating structure.

    Action taken

    Tower announced that it would take complete ownership of National Pacific Insurance.

    Aftermath

    National Pacific Insurance began rebranding to Tower in 2022.

    Source

  • 2018

    Introduce earthquake risk-based pricingStrategy

    Background

    Tower sought to align premiums more closely with the hazard characteristics of individual properties.

    Action taken

    It introduced risk-based pricing for earthquake exposure.

    Aftermath

    The approach was later extended to inland flooding and other property hazards.

    Source

  • 2013

    Move from full-replacement home policies to nominated sums insuredStrategy

    Background

    Tower said international reinsurance conditions were contributing to changes in the economics of full-replacement home insurance.

    Action taken

    The company announced a move toward nominated sum insured cover for homes.

    Aftermath

    The change formed part of the industry's broader shift toward more explicitly defined limits and risk-based pricing.

    Source

Sources1 sources

  1. 1Tower Insuranceen.wikipedia.org

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