Tower will sell general insurance under the Westpac New Zealand brand to the bank’s retail customers from next July, replacing IAG.

The Auckland-headquartered insurer will underwrite home and contents, motor and landlord covers, to be sold on the Westpac website under a five-year agreement.  

There will also be referrals for Tower’s broader suite of insurance products.  

Westpac New Zealand MD of product, sustainability and marketing Sarah Hearn says the change follows a review in which Tower “impressed us with their great digital offering and competitive pricing”. 

“We’re pleased to be partnering with an innovative, locally owned and operated general insurer with a strong customer focus,” she said.

“Tower is a leader in using advanced data and analytics to assess the risks of individual properties being impacted by climate-related events.

“We’re keen to work with them on advocating for national adaptation frameworks.”

Customers will buy and manage policies and make claims via Westpac’s online banking interface, and access Tower’s home-specific pricing and natural hazard risk information. 

Tower CEO Paul Johnston says the insurer is targeting 10%-15% growth in fiscal 2027, with a strategic focus on expanding the home insurance portfolio.

“Tower is excited to be partnering with Westpac and looks forward to supporting its customers,” he said.

“Through this partnership, we’ll deliver data-driven insurance experiences integrated into Westpac digital banking.”