Tower Insurance is defending massive hikes in house insurance premiums for some home owners. Yesterday a Wellington woman told us she was stunned when her annual premium on her house insurance went up close to 400 percent - from just over $2000 to more than $7,000. Tower is bringing in a new pricing model and says it is now charging more for properties in high-risk zones such as earthquake-prone Wellington. Richard Harding is Tower Insurance's chief executive. He talks to Susie Ferguson.