Insurer IAG fires shot across incoming government's bow on the rising costs of extreme weather events - News Summed Up

Insurer IAG fires shot across incoming government's bow on the rising costs of extreme weather events


New Zealand's biggest insurer is urging the incoming government to push on with natural hazard risk reduction, climate change adaptation and managed retreat work to help keep insurance available and affordable in the face of stark impacts, and rising costs, from extreme weather and natural hazards. Average claim costs are rising, she says, noting average weather-related claim costs were $35,000 in Hawke’s Bay, $30,000 on the West Coast, and $21,000 in Gisborne Tairāwhiti. “For over a decade, we have been clear that New Zealand needs to take urgent action to keep people safe from the impacts of natural hazards and climate change. Banks have told a subsequent parliamentary inquiry into climate adaptation that insurance withdrawal would leave them with stark options. Also see our Of Interest podcast on insurance and climate issues with Tower CEO Blair Turnbull here.


Source: Stuff November 20, 2023 10:43 UTC



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