New Zealand insurer Tower says it has secured lower prices and favourable terms for its 2025-26 reinsurance program.

The program includes a catastrophe upper limit of $NZ915 million ($806 million) up from $NZ800 million ($705 million) the previous year, and continued cover for a third catastrophe event of up to $NZ85 million ($75 million).

Tower has also made a structural change to protection for large individual property risks, from proportional to excess of loss cover.  

“We’re pleased to have secured a comprehensive program with stable excesses and lower pricing,” CEO Paul Johnston said. “This supports our ability to maintain competitive pricing for customers while protecting the business from volatility.”

The program covers the year to next September.