New Zealand insurers call for urgent climate adaptation amid rising storm claims
New Zealand insurers call for urgent climate adaptation amid rising storm claims | Insurance Business New Zealand
Catastrophe & Flood
New Zealand insurers call for urgent climate adaptation amid rising storm claims
Data highlights ongoing instability of weather patterns
Catastrophe & Flood
By
Roxanne Libatique
Recent insurance claims data from AMI, State, and NZI highlight the impact of 19 natural hazard events during the autumn and winter seasons, with storms comprising 78% of all natural hazard-related claims.
Although the total number of claims was lower than previous periods, the data reflect the ongoing instability of weather patterns, particularly in regions still recovering from major disasters, such as the North Island floods and Cyclone Gabrielle.
Impacts of extreme weather events
According to the latest Wild Weather Tracker, the North Island accounted for 84% of all storm-related claims over the six-month period, with Hawke’s Bay being the fourth most affected region.
Amanda Whiting (pictured), CEO of AMI, State, and NZI, emphasised the extensive damage caused by these storms, pointing to recent weather events that have devastated local communities.
“The weather events of autumn and winter this year have been extensive, causing millions of dollars in damage. We have seen firsthand the devastating impacts of a warmer winter climate through flooding in towns such as Pahīatua, Wainuiomata, and Wairoa,” she said.
“The city observed its wettest day in over a century, as residents evacuated their homes,” Whiting said. “We will be working hard to help our customers who have been affected by this event in the weeks and months ahead.”
Proactive approach to risk management
Whiting explained that New Zealand’s geography, combined with its climate, makes it especially vulnerable to natural hazards, stressing the need for a proactive approach to risk management.
“New Zealand’s geology, rivers, oceans, and subtropical-to-cooler climate all combine to make one of the world’s riskiest locations for natural hazards. This is why, 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,” she said.
She highlighted that greater focus on risk reduction and resilience is needed alongside the current emphasis on recovery.
Whiting also referred to the Finance and Expenditure Committee’s recent report on climate adaptation, calling for its recommendations to be turned into concrete action.
“The Finance and Expenditure Committee report on climate adaptation does a good job of describing the problem our country faces, and it outlines some sensible recommendations. We now need to see the recommendations turn into actions, so New Zealanders will have more certainty on how the impact of the natural hazards they face can be reduced,” she said.
ICNZ CEO Kris Faafoi stated that a national strategy is needed to protect communities, infrastructure, and assets from these increasing threats. He also recommended the establishment of a lead agency to coordinate climate adaptation efforts between government, local authorities, and the private sector.
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