Tower: To refund $7.2M to insurance customers
- Insurance company Tower (TWR) will be giving back $7.2 million to customers due to the lower cost of car claims during the COVID-19 lockdown
- CEO Richard Harding stated that customers would refunded part of their car insurance premium they paid during the stage three and four lockdowns.
- Refunds will start to paid from the end of June and most customers will receive between 40 to 45 per cent of the car insurance premiums they paid
- Refunds will paid to customers who held car insurance with Tower from March 24 to May 13 and will calculated on premiums paid by individual customers
- Customers who cancelled or joined Tower during the lockdown period will also receive a refund
- Tower has ended the day with no change and shares trading for 57 cents each
