ANZIIF backs calls for urgent climate action amid growing threats

ANZIIF backs calls for urgent climate action amid growing threats | Insurance Business New Zealand

Catastrophe & Flood

ANZIIF backs calls for urgent climate action amid growing threats

New climate resilience sources available for insurance professionals

Catastrophe & Flood

By
Roxanne Libatique

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has voiced its support for the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ), calling for accelerated efforts to tackle the growing threats posed by climate change.

This comes in response to a report from New Zealand’s Climate Change Commission, which highlighted the slow progress in addressing climate-related risks.

He stressed the importance of coordinated action to mitigate these risks, particularly in the face of growing vulnerabilities.

“We support the commission’s findings that urgent action is needed to address the impacts of climate change,” he said.

“Climate change has significantly contributed to the weather events that we have experienced over the last two years,” she said, adding that the impact on insurance professionals has been substantial.

The survey also found that 82% of respondents prioritise making infrastructure and buildings more resilient to climate impacts.

However, public satisfaction with the government’s response to climate change appears to be declining. For the first time, more respondents rated the government’s actions as “poor” (40%) compared to those who rated them as “good” (27%).

The survey also highlighted concerns about rising insurance premiums due to natural disasters, with 70% of respondents acknowledging this as a key factor. Many New Zealanders believe reducing climate risks could help curb these increases.