Wet feet? Insurance retreat

In this seminar, Belinda Storey (Climate Sigma) takes you through her much-anticipated research into “Climate change and the withdrawal of insurance.”

Climate change is a slow-moving disaster that will affect all communities across Aotearoa. It might hit some of us this year, or in the next 10 years, or it might eventually take out a home we have deep historical attachment to. Worsening coastal hazards are not yet fully reflected in homeowners’ decisions to purchase, develop or renovate coastal property.

New Zealand is also still building new residential developments in climate-risky locations. What does this mean for our house insurance? How much are premiums likely to increase? And by when?

Within our four largest cities, at least 10,000 houses currently sit within a 1-in-100-year coastal flood zone. Nationally, around 450,000 houses are within 1km of the coast. These homes are likely to be affected by more frequent and intense storms and by sea level rise.