Tower Insurance chief executive Paul Johnston welcomed the release of the report "A proposed approach for New Zealand's adaptation framework", calling it a step towards greater certainty for communities, councils and insurers.
The report by seven specialists, representing iwi, banks, economists, insurers and local authorities, has called for a 20-year transition period to a "mature adaptation framework" to balance the need to spread out costs associated with climate change adaptation with creating the right incentives to act.
Mr Johnston said Tower had advocated for nationally consistent hazard modelling and greater data transparency, for all New Zealanders, for some time.
"Tower’s research shows that 48% of New Zealanders say they lack information about their property’s exposure to climate-related risks and natural disasters," he said.
"The insurance sector has a vital role in New Zealand’s ongoing response to the increasing impacts of climate-related weather events and insurers need long-term certainty around climate adaptation policy to remain attractive to global reinsurers and help keep insurance accessible and affordable.
"Risk-based pricing plays a vital role in this by helping to send important market signals."
The company urged the government to act swiftly and deliver a bipartisan adaptation framework to provide long-term certainty for all New Zealanders, he said. — APL
