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A new nationwide survey has found that most New Zealanders believe natural hazards such as earthquakes, flooding, and sea level rise are having a significant impact on property insurance premiums.
The Insurance Council of New Zealand (ICNZ) research, based on responses from more than 1,000 people, highlights widespread concern about both the affordability and accessibility of insurance in the face of increasing climate and natural hazard risks.
“These results show that New Zealanders are highly aware of the pressures natural hazards and climate change are placing on insurance,” ICNZ chief executive Kris Faafoi said.
“We need a combined effort from government, councils, and communities to reduce risks and ensure insurance remains accessible.
Key findings show that 67 per cent of respondents said natural hazards impact their insurance premiums “a great deal” or “a fair amount.” This view was stronger among older New Zealanders, professionals, homeowners without mortgages, and those who had recently made a claim.
Around one in four felt they did not have sufficient access to clear information about natural hazards when owning or buying a property.
The top factors seen to impact the accessibility of property insurance were the occurrence of a major natural disaster in New Zealand and the growing risks of severe weather events.
The most popular actions New Zealanders want to see taken to reduce the risk of insurance becoming unavailable include restricting building in high-risk areas and investing in stronger flood defences and infrastructure to protect against sea level rise.
“The findings underline the growing need for transparent hazard information, smarter land-use decisions, and resilient infrastructure investment to maintain long-term insurance accessibility in New Zealand,” Faafoi said.
