The Insurance Council of New Zealand (ICNZ) has released a statement, calling on the next government to prioritise climate adaptation, resilience and long-term funding to reduce the country's exposure to natural hazards.
ICNZ Chief Executive Kris Faafoi said while acknowledgement of growing risks from climate-related events was welcome, the next step must be practical action.
“New Zealand has spent a lot of time talking about the problem. The next government must pivot to action to reduce risk for New Zealand’s communities that are the most vulnerable to natural hazard risk,” said Mr Faafoi.
“That means investing in flood protection and other resilience infrastructure, making better planning decisions and avoiding further development in high-risk areas. It also means facing difficult decisions about how and where communities develop.”
He added, “Long-term funding is critical. Communities and councils need certainty to plan and invest in resilience and adaptation measures that reduce risk.”
Research commissioned by ICNZ found seven in 10 New Zealanders expect flood, landslide and coastal inundation risks to be a significant challenge for future governments.
It also revealed that 48% believe politicians are taking the risks posed by extreme weather events seriously, while nine in 10 want political parties to work together on solutions. The research also found 67% believe natural hazard risks impact property insurance premiums.
“Insurers help communities recover after disasters, but recovery is not a substitute for reducing risk before disaster strikes,” Mr Faafoi said.
“We need to invest ahead of events, strengthen vulnerable infrastructure and bring government, councils, insurers and banks, and communities together around a durable national approach.”
He said, “With 219,000 homes valued at NZ$180bn ($102.5bn) identified as being at risk from coastal or inland flooding, the consequences of delay are becoming increasingly clear.
“The best way to support the long-term accessibility and affordability of insurance is to reduce the risks facing homes, businesses and communities.”
Mr Faafoi concluded, “Communities are increasingly feeling the impacts of climate change and the need for action is becoming more urgent. The challenges are well understood. What we need now is delivery.”
ICNZ’s research report, titled ‘Managing Natural Hazard Risk: Public Expectations and Political Response’ can be accessed here.