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Sustainability

  • About Us – Our History & Team
    • Why Tower
    • Fair Insurance Code – Member of ICNZ
    • Our History – Origins Back to 1869
    • Meet Our People Leading Insurance
      • Meet Our Board of Directors
        • Michael Stiassny – Board of Directors
        • Graham Stuart – Board of Directors
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        • Warren Lee – Board of Directors
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      • Executive Leadership & Management Team
        • Blair Turnbull – Management Team
        • Jonathan Beale – Management Team
        • Andrew Hambleton – Management Team
        • Michelle James – Management Team
        • Paul Johnston – Management Team
        • Ron Mudaliar – Management Team
        • Steve Wilson – Management Team
    • Latest News – All About Insurance
      • Latest Insurance News – 2022
        • Rising Stars at Tower celebrate award wins
        • Kiwis Reasons for Travel Findings
        • Tower Elevates Women Leadership in Insurance
        • Tower Wins 2022 General Insurer of the Year
      • Latest Insurance News – 2021
        • Tower to Acquire ANZ Legacy Portfolio
        • Tower Rating Reaffirmed as A- (Excellent)
        • Data Partnership to Improve Our Sector
        • Tower Launches Barracks Cover with NZDF
        • GoCarma is Supporting Kiwis to Travel
        • Tower records sound half year result
        • Tower partners with Open
        • Tower & Allianz Partners work together
        • Smart Data Usage Helps Slash Quoting Time
        • Tower Insurance hits the water
        • Sustainability Benefit for House Insurance
        • Trade Me and Tower Renew Partnership
        • Canstar Car Insurer of the Year Winner
        • Smart Data Usage Helps Slash Quoting Time
        • Tower Pinpoints Fraud to Enable Faster Claim
        • Summer boom anticipated for boaties
        • Tower appoints Chief Financial Officer
        • Our Partnership with Business Link Pacific
        • Tower Acquires Limited Shares in NPI
        • Tower and Allianz Strengthens Partnership
        • Tower Appoints CCO and CRO
        • Residential Flood Risks Tool
        • Our GoCarma App Reveals Best & Worst Drivers
      • Latest Insurance News – 2020
        • New Tower CEO Announced
        • Corporate Structure Update Sept 2020
        • Tower Gives Back $7.2m to Customers
        • Tower Supports Climate Risk Reporting
        • Tower Completes Acquisition of Youi NZ
        • Digital & Data Delivers Profit Growth
        • Corporate Structure Update Jun 2020
        • Tower Fixes Fee Disclosure Issues
        • Tower Supports New Working Way with EQC
        • Tower Insurance takes EQC to Court
        • Tower Supports Customers During COVID-19
        • Tower Partnership a Win for Consumers
        • Tower Commits to Refund COVID-19 Claims
      • Latest Insurance News – 2018
        • Have you Met Charlie Yet
        • 2 Executives to Drive Digital Change
        • Fintel Refund Update
      • Latest Insurance News – 2019
        • Junior Weightlifter Welcomes New Sponsor
        • This Industry Needs to Rebuild Trust
        • Shine & MBM Appointment
        • Tower to Acquire Youi NZ
        • Moving Toward a Better, Fairer Industry
        • Tower Welcomes New Financial Regime
        • Tower Funds Fijian Ecovillage
      • Latest Insurance News – 2017
        • Insurance Policy Wins English Award
        • Kaikoura & Edgecumbe Claims Finalised
        • Suncorp’s Off-Market Share Offer
        • Fintel Refund
        • Suncorp Reaches 19.99% Threshold
        • Non-Binding Proposal from Vero
      • Latest Insurance News – 2016
        • Tower Mobilises Response Team
        • Christchurch Earthquake Update
        • Tower Refunding Customers
        • Air NZ Announcement
        • Tower Warns of Low Ball Share Offers
        • Canterbury Earthquake Nov 2014
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About Us – Our History & TeamWhy TowerFair Insurance Code – Member of ICNZOur History – Origins Back to 1869Meet Our People Leading InsuranceLatest News – All About InsuranceSustainabilityMedia & Sponsorship EnquiriesCanterbury Earthquake UpdatePublicly Available Disclosure

As a born and bred Kiwi insurer with teams across eight Pacific Island countries, we have a unique role to play in the community when it comes to sustainability and climate change.

While we have always considered climate risk in our strategy and our products, we know we need to do more and lead the way to a more sustainable future.

There is no denying that the climate is changing, and we see the effects of this daily, in the claims we pay and the data we have. At Tower we firmly believe that it is our role to use what we have to help mitigate and prepare for things like rising temperatures, changing sea levels, increased chances of flooding and more volatile weather patterns.

We are also strong supporters of mandatory reporting requirements, which will help increase transparency around what actions are being taken by businesses to prepare for these risks and increase the resilience of our communities and the economy.

Our current areas of focus and activity

Developing our ESG strategy

In 2021 we started our sustainability journey with the development of an ESG strategy that will guide how Tower manages its environment, social and governance issues in the future.

Importantly we have now measured our total carbon emissions across our New Zealand and Pacific operations and have set a science based target for meaningful reduction towards a zero carbon future by reducing our scope 1 and 2 emissions by 21% over five years from FY20. 

Community and stakeholder education

Work to date has centered on using risk and pricing to send signals to the market. In future, we will be increasing the transparency of our sustainable footprint and sharing environment data with customers, communities, and councils.

In 2021, we also pledged to support scientific research, education, and innovation through student scholarships for the world’s first Bachelor of Climate Change degree at the University of Waikato.

Sustainability Upgrade benefit

As part of our commitment to sustainability, we are introducing a new Sustainability Upgrade benefit in our house and landlord insurance policies. This comes into effect for new customers on 27 August 2021 and for existing customers on their renewal date.

If your house is destroyed, we'll provide up to $15,000 for you to add or upgrade to sustainable products in your new house. Sustainable products include natural paints, water efficient taps, or solar panels. This excludes natural disaster losses.

We hope this small contribution to increased sustainability will lead to healthier homes for our customers and their families.

Our new head office

As of August 2021, our head office is based at 136 Fanshawe Street - a new, world-leading 6 Green Star Building in Auckland's CBD.

Green Star is an internationally recognised system which rates a building's overall environmental impact across nine categories including energy, emissions, land use, and innovation.

Our new home at 136 Fanshawe Street was designed, developed, and constructed with sustainability in mind. The building is equipped with cutting-edge technology aimed at saving energy and cutting waste.

It's allowed us to create dynamic workspaces for our employees who are now based on one floor instead of being split across multiple levels. In our new space we're embracing technology making it easier to collaborate, communicate, and work in an agile way.

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