FAQs

Important Customer Update

Youi NZ Pty Limited has entered into a conditional agreement with Tower Insurance Limited for the transfer of its existing New Zealand insurance portfolio to Tower. Following the Portfolio Transfer, customers’ insurance policy with Youi will be acquired by Tower on the same terms and conditions, including the same existing benefits and exclusions.

Your existing policy, terms and conditions and payment method will not change. Until the transaction completes, your existing insurance cover remains valid and any claims you make will be resolved in the usual way.  The rights and obligations attached to your policy will be transferred from Youi to Tower by operation of law. The transfer will have no effect on your benefits and cover. You will not lose your policy history or continuity of cover. Your records and payment method will be transferred to Tower. There is nothing for you to do to effect the transfer. At the time of renewal, you will be contacted by Tower.

Yes, you are. There will be no change to your existing policy coverage or ability to make a claim.  When it is time for your policy to be renewed, you will be contacted by Tower about this.

Yes, you can. However, you should be aware that there will be no change to your existing policy coverage or ability to make a claim. When it is time for your policy to be renewed, you will be contacted by Tower about this.

Yes, you can. If you choose to do that, Youi will provide the same level of policy coverage and claims fulfilment as it does now. When it is time for your policy to be renewed next year, you will be contacted by Tower about this.

No. When it is time for your policy to be renewed, you will be contacted by Tower about this.

Your current policy and cover will remain the same until your next renewal. If you would like to make any changes before this, please give us a call. When it’s time to renew your policy, you will be contacted by Tower to discuss your options.

Yes. Youi will provide the same level of policy coverage and claims fulfilment as it does now for any policies that are in place before the transfer to Tower is finalised at which time Tower will continue with the same insurance coverage until policy expiry. When it is time for your Youi policy to be renewed, you will be contacted by Tower.

No change, you will continue to deal with us.

Any claims received after the portfolio transfer will be processed in the usual way by Tower rather than Youi, but subject to the terms and conditions of your existing policy.

This was a difficult decision but one we believe was necessary given the highly consolidated nature of the New Zealand insurance market. We’re very proud of what we’ve achieved in New Zealand over the last five years but we think there will be more growth opportunities for the portfolio under Tower’s ownership given their greater scale. Tower is another challenger brand that is also trying to offer something different for New Zealand customers.

We don’t have any plans to. Once the portfolio transfer to Tower is completed, Tower will have acquired all of Youi’s existing New Zealand insurance policies, and Youi will cease the sale of insurance policies in New Zealand.

No. Our parent company is in a very strong financial position, and their latest financial results pack released recently can be found here.

You can speak to us by calling 0800 222 570 or go to www.youi.co.nz for more information.

Like Youi, Tower is another challenger brand that is also trying to offer something different for New Zealand customers. Tower is a New Zealand based insurance company, subject to the prudential supervision of the Reserve Bank of New Zealand and listed on the New Zealand’s Exchange.

If you have any enquiries or would like to know more about the transfer, please contact us on 0800 45 3684.

;