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.
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