Tower welcomes the release of the Adaptation Framework: A Proposed Approach for New Zealand as a step towards greater certainty for communities, councils, and insurers.
Tower has long advocated for nationally consistent hazard modelling and greater data transparency, for all New Zealanders. Tower’s research shows that 48 percent of New Zealanders say they lack information about their property’s exposure to climate-related risks and natural disasters.
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.
We urge the Government to act swiftly and deliver a bi-partisan adaptation framework to provide long term certainty for all New Zealanders.
Ngā mihi,
Tower CEO, Paul Johnston
ENDS.