Tower

What Tower does

Tower is a New Zealand-headquartered general insurer offering personal and commercial lines across motor (car, motorbike, caravan, motorhome), property (house, contents, landlord), specialty (boat, travel, pet), and small-to-medium business insurance. Founded in 1869 as the Government Life Insurance Office, demutualised and listed in 1999, it operates today with 501-1,000 employees from its 6 Green Star head office at 136 Fanshawe Street in Auckland, serving 300,000+ customers across New Zealand and the Pacific (Fiji, Tonga, Samoa, American Samoa, Cook Islands). Tower is the only Kiwi-owned and operated general insurer in the NZ market.

The company's technology backbone is the My Tower digital platform, a self-service portal for quoting, policy management, claims submission, and instant approvals, complemented by the Consumer Risk Rating Tool — a property-level risk assessment engine drawing on over 200 million data points to evaluate landslide, sea surge, earthquake, and flood exposure. Tower's parametric insurance products (Rainfall Response Cover, Cyclone Response Cover) use CelsiusPro technology to trigger automatic payouts when rainfall or cyclone thresholds are breached. Underwriting partnerships include Allianz Partners for travel and pet insurance and Coastguard NZ for boat insurance. AI-related capabilities concentrate on the risk rating predictive analytics engine rather than core underwriting or claims automation.

Tower generates revenue primarily through insurance premiums collected on a recurring subscription basis (monthly or annual), with tiered pricing structures (Standard, Plus, Premium) across most products. Half-year underlying net profit after tax for the period ending 31 March 2026 was NZD 36.8M, with full-year FY2026 profit guidance of NZD 55-65M and customer growth of 5% year-over-year. Distribution combines direct digital channels, phone-based sales, partner referrals, and corporate staff discount schemes with partners including Coastguard, AIA, Air NZ, Kiwibank, One NZ, and Xero. AM Best affirmed an A- (Excellent) financial strength rating with stable outlook, citing a 23.5% return on equity at FY-end 2025.

Name

Tower

Legal name

Tower Limited

Website

https://tower.co.nz

Company type

Public

Founded year

1869

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Tower is a New Zealand-headquartered general insurer offering personal and small business lines — motor, property, specialty, and parametric insurance — to 300,000+ customers across New Zealand and five Pacific nations, operating as the only Kiwi-owned general insurer.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Insurance Carriers and Related Activities (524)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Landlord / Dwelling Fire (DP) Insurance (FSAJACAD)

Keywords

• General insurance
• Property insurance
• Motor insurance
• Parametric insurance
• Risk-based pricing

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premiums: Tower generates revenue primarily through insurance premiums collected from policyholders. The company offers property insurance (house, contents, landlord), motor insurance (car, motorbike, caravan, motorhome), travel insurance, pet insurance, and business insurance. Premiums are collected on annual or installment basis.
2. Parametric Insurance Products: Tower launched parametric insurance products including Rainfall Response Cover in Fiji and Cyclone Response Cover across Pacific nations, which automatically pay out when predefined weather thresholds are met.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Tower is a New Zealand general insurer offering a multi-line insurance portfolio spanning property (house, contents, landlord), motor (car, motorbike, motorhome, caravan), specialty (boat, travel, pet), and business insurance. Products are distributed primarily through a digital self-service platform (my.tower.co.nz) supplemented by phone sales and partner referrals, with risk-based pricing powered by a proprietary Consumer Risk Rating Tool that uses 200+ million data points to assess natural hazard risks at the property level.

Product overview

Tower is a New Zealand-based general insurer offering a broad portfolio of insurance products across personal and commercial lines. The core offering is structured as a multi-product platform anchored by motor insurance (Car, Motorbike, Motorhome, Caravan), property insurance (House, Contents, Landlord), specialty lines (Boat, Travel, Pet), and business insurance (Business Assets, Commercial Vehicle, Business Interruption, Business Liability). Supporting the product suite are digital self-service platforms including My Tower (policy management and claims portal), the Consumer Risk Rating Tool (property-specific natural hazard risk assessment using 200+ million data points), RoadWise roadside assistance, an online claims portal, and digital payment functionality. Risk-based pricing based on property-specific hazard data differentiates the house and landlord products. Tower operates across New Zealand and the Pacific (Fiji, Tonga, Samoa, American Samoa, Cook Islands) and maintains partnerships with Allianz Partners for travel and pet insurance, and CelsiusPro for parametric weather insurance.

Differentiator

Problem solved

Functional benefit

Brands

• My Tower: Self-service digital platform for managing insurance policies, making claims, and accessing policy documents online

Products and services

• Car Insurance Vehicle insurance covering cars, with Comprehensive, Third Party Fire & Theft, and Third Party only options. Includes new-for-old replacement within 2 years, repair guarantee, windscreen cover, RoadWise roadside assistance option, and up to $4,000 cover for damage by uninsured vehicles. For individual car owners in New Zealand.
• House Insurance Home insurance with three tiers: Premium (highest protection with up to $30,000 temporary accommodation, $3,000 hidden water damage), Plus (mid-tier with $25,000 temporary accommodation, $2,000 hidden water damage), and Standard (affordable essentials with $15,000 temporary accommodation, $1,000 hidden water damage). All tiers include natural hazard coverage, sustainability upgrade benefit up to $15,000, and risk-based pricing. For NZ homeowners.
• Contents Insurance Belongings insurance available in three tiers: Premium (up to $10,000 mobile phone, $10,000 prescription glasses, new-for-old replacement), Plus (up to $5,000 home office equipment, $5,000 prescription glasses), and Standard (essential coverage with $500 mobile phone, $1,000 prescription glasses). Covers accidental loss or damage anywhere in New Zealand. For homeowners and renters.
• Landlord Insurance
• Boat Insurance Comprehensive boat insurance covering runabouts, personal watercraft, launches/cruisers, yachts, trailer sailers, and off-beach dinghies. Includes emergency rescue up to $25,000, 3-year replacement from new, social yacht racing cover, and optional recreational equipment and lay-up cover. For NZ boat owners.
• Travel Insurance Domestic and international travel insurance underwritten with Allianz Partners. Domestic plans include Comprehensive and Cancellation Only options. International plans include Essentials, Comprehensive, and Frequent Flyer (up to 60 days per trip annually). Includes COVID-19 cover, 24/7 emergency assistance, and free cover for dependent children. For NZ travellers.
• Pet Insurance Cat and dog insurance provided in partnership with Allianz Partners, available in three tiers: Comprehensive (up to $15,000/year for injury and illness, specialist treatments), Essentials ($7,000/year), and Accident Only ($5,000/year for injuries only). Includes 20% co-payment, patella and cruciate ligament surgery coverage, alternative therapy, and optional dental care. For NZ cat and dog owners.
• Motorbike Insurance Motorcycle and scooter insurance with Comprehensive or Third Party Fire & Theft options. Includes two-year replacement from new, riding gear replacement up to $1,000, no-fault claims protection, and optional rental vehicle benefit up to $1,000. For NZ motorbike owners.
• Motorhome Insurance Motorhome, campervan, and RV insurance with Comprehensive or Third Party Fire & Theft options. Includes remote vehicle assessments, windscreen replacement, collision and natural disaster cover, lifetime repair guarantee, and optional accessories and motorhome contents coverage. For NZ motorhome owners.
• Caravan Insurance Comprehensive caravan and trailer insurance covering liability up to $25 million, collision, fire, theft, natural disaster damage, and optional accessories up to $5,000 and caravan contents up to $5,000. For NZ caravan owners.
• Business Insurance Business coverage including Business Assets (buildings, fit-out, equipment, stock, tools), Commercial Vehicle (comprehensive or third party for commercial use), Business Interruption (lost profits, increased cost of working), and Business Liability (landlord, product recall, tenant liability). For NZ small and medium businesses.
• Lifestyle Block Insurance Specialized coverage for lifestyle block properties, covering houses, contents, cars, and farms. Managed through a dedicated team via phone. For NZ lifestyle block owners.
• Rainfall Response Cover Parametric insurance product in Fiji that automatically pays out when rainfall exceeds preset thresholds, using CelsiusPro's white-label parametric insurance platform. Addresses climate resilience for Pacific Island communities.
• Consumer Risk Rating Tool Property risk assessment tool using over 200 million data points to evaluate natural hazard risks (landslide, sea surge, earthquake, flood) at individual properties. Supports Tower's risk-based pricing approach and is available free to all New Zealanders.

Quantifiable outcome

• Over 90% of Tower customers received a reduction in the natural hazards portion of their premium after updating natural hazard ratings
• +3 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

Six partnerships are on record, tiered core, major and minor.

• CelsiusProcoreTechnology or Integration · 25 November 2025Tower uses CelsiusPro's parametric insurance technology to deliver Rainfall Response Cover in Fiji and Cyclone Response Cover across Pacific nations. CelsiusPro provides the white-label platform enabling automatic payouts when rainfall exceeds preset thresholds.
• United Nations Capital Development FundmajorStrategic or Co-development Partner · 25 November 2025Backer of Rainfall Response Cover pilot initiative in Fiji as part of broader efforts to strengthen national disaster preparedness and climate adaptation in Pacific communities.
• Pacific Insurance and Climate Adaptation ProgrammemajorStrategic or Co-development Partner · 25 November 2025Programme supporting Tower's parametric insurance launch in Fiji, contributing to climate resilience efforts across Pacific island nations.
• Allianz PartnerscoreChannel Partner/ Reseller/ DistributorAllianz Partners issues and manages Tower's pet insurance and travel insurance products. Provides 24/7 emergency assistance for travel insurance customers worldwide. One of the world's largest travel insurance providers.
• Reserve Bank of FijiminorStrategic or Co-development PartnerSupporting broader efforts to strengthen national disaster preparedness in Fiji through oversight of SUN Insurance's revised parametric products.
• Coastguard New ZealandminorGTM or Marketing PartnerTower is Coastguard's recommended boat insurer, providing boat insurance coverage to Kiwi boaters.

Scale indicators9 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Allianz Australia: Allianz Australia is the broader incumbent global insurer; Allianz Partners already issues Tower's travel and pet insurance, and Allianz Australia sells overlapping personal and commercial general insurance across Australasia. Comparable as a broad incumbent with overlapping capability in the ANZ region.
• QBE Insurance Australia & New Zealand: QBE is a global general insurer with material ANZ presence across personal, commercial, and specialty lines. Comparable as a broad incumbent operating in the same regulatory and competitive environment as Tower, with overlapping product categories in commercial and specialty P&C.

Direct peers

• Youi NZ: Youi is a digital-led, direct-to-consumer NZ general insurer focused on car, home, and contents. Comparable to Tower on product scope, D2C distribution model, and pricing-tech orientation, making it a relevant peer for digital customer acquisition benchmarks.
• Vero Insurance: Vero is the SME and commercial-focused brand within Suncorp NZ, offering business, commercial motor, liability, and rural cover. Comparable to Tower's business insurance book and to the channel mix via brokers and advisers serving NZ small commercial customers.
• AMI Insurance: AMI, owned by IAG, is a long-established NZ general insurer offering car, house, contents, and business cover. Closely overlaps with Tower's core personal lines and customer base within New Zealand, operating through a similar broker and direct distribution mix.
• nib New Zealand: nib NZ provides health and personal insurance, with growing digital distribution. Comparable to Tower on D2C/PLG insurance distribution model, NZ focus, and digital self-service platform orientation, though lighter on property/casualty lines.
• Insurance Australia Group (IAG) New Zealand: IAG's NZ business is the dominant general insurer in New Zealand, offering motor, home, contents, landlord, business, and commercial lines through brands including AMI and State. Directly comparable to Tower on product breadth, NZ geographic focus, and personal/small-commercial underwriting, and the primary competitive benchmark for share and pricing.
• Suncorp New Zealand: Suncorp's NZ arm, operating under the Vero brand, provides motor, home, contents, business, and rural insurance across New Zealand. Closely aligned with Tower on product set, geographic scope, and customer segments, making it a core direct peer on underwriting performance and digital claims experience.
• Partners Life: Partners Life is a New Zealand-domiciled insurer offering life, trauma, disability, and selected general insurance products. Overlaps Tower on the NZ personal lines customer base and advisers/broker channel, including growing business via Kiwibank and other partner brands.
• Fidelity Life: Fidelity Life is a major NZ life and disability insurer with growing general insurance capability, distributed through advisers. Comparable to Tower on NZ customer segments, adviser/partner distribution, and emphasis on Kiwi ownership as a brand differentiator.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/TOWERNZ
• Xx.com/towernz
• LinkedInlinkedin.com/company/tower

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tower