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## Tower Insurance Shifts Focus to Personal and Small Business Insurance

### Tower’s Strategic Business Decision

The insurer Tower has announced its decision to withdraw from the commercial rural sector, redirecting its efforts towards personal and small business insurance. This move comes as the company aims to streamline its operations and focus on enhancing efficiency. Tower’s commercial rural book, which previously contributed approximately $9 million in annual premium income, will no longer be a part of the company’s portfolio.

### Simplifying Operations and Transition

Tower’s Chief Executive, Blair Turnbull, emphasized the company’s dedication to simplifying its business processes and improving overall efficiency over the past three years. As part of the transition, Tower will be referring its commercial farm customers to Aon as their Tower policies expire, effectively discontinuing coverage for commercial rural properties. Despite this shift in strategy, Tower has affirmed its commitment to continue providing insurance for lifestyle blocks.

### Advantages of the Change

According to Turnbull, this strategic change aligns with Tower’s goal to decommission its legacy technology system in New Zealand. The company looks forward to developing a new digital offering for its lifestyle block customers in the upcoming year. Additionally, Tower has entered into an agreement with Aon, ensuring that the transition provides good value for Tower’s shareholders and grants commercial rural customers access to specialized insurance solutions through AonAgri.

### Ensuring Smooth Transitions for Customers

Tower has reassured its commitment to processing any open claims within the policy term until their completion. Moreover, the company has clarified that no regulatory approval is necessary for the implemented changes, signifying a seamless transition for both the company and its customers.

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