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Tower Insurance raise premiums

October 1, 2012 - 4:58pm

Tower Insurance has raised premiums for house and contents insurance by between 25% and 30%.

The company says the move reflects an increase in charges from re-insurers, after it locked in more than $500 million of cover for the financial year.

Tower's excess has risen to more than $11 million, up from almost $7 million a year ago.

That also reflected the cost of reinsurance cover.