Natural hazard risk ranked 2nd top consideration, after price.
New nationwide research from insurers AMI, State and NZI released today reveals that climate concerns have grown to the point that 86% of people would now consider climate risk when choosing a home, compared to 55% only two years ago.
The research also showed that house hunters rank weather and natural disaster risk as the second most important factor overall when looking to rent or buy, after price, and before crime rates, school zones, and public transport. An overwhelming 90% said they wanted more information on hazard risks publicly available.
Amanda Whiting, CEO of AMI, State and NZI says, “The findings show that climate concern and natural hazard risk is well and truly front of mind for New Zealanders.
“Issues like flooding are now impacting people’s behaviour around where to buy and rent. People have seen the devastation wrought by storms like Cyclone Gabrielle and are much more aware of the risks.”
The research, released in AMI, State and NZI’s latest Wild Weather Tracker, also showed that despite the mild summer, we still received 6,712 weather-related claims, with Canterbury bearing the brunt as the worst-affected area with 37% of claims, predominantly from storms and strong winds.
The survey also showed that 79% of people wanted councils to provide more information on weather and natural hazard risks for properties, followed by real estate agents (57%), the government (52%) and insurers (41%).
The latest AMI, State and NZI Wild Weather Tracker includes important information on how to find out more about a property’s natural hazard risk and our online Disaster Claims Hub, a one-stop source of information about making claims after big events.
Amanda Whiting says, “Our intention is to be here for the long-term, as a strong, sustainable insurer for New Zealanders.
“As a country, we are facing growing risk with unpredictable weather, alongside other natural hazards like earthquakes. This means claims are becoming more frequent and costly, compounded by inflation, which has led to premium increases. However, we don’t expect to see the same level of increases year on year.
“This is why it’s important we continue to work closely with councils, the government, and other partners to ensure insurance remains accessible for New Zealanders.
“Our focus must be on keeping people out of harm’s way, so we do not see a repeat of what happened during the summer of 2023.”
About the Wild Weather Tracker:
The May 2024 Wild Weather Tracker records insurance claims data for the six-month period from 1 September 2023 – 29 February 2024.
The data relates to weather-related claims for all the brands that IAG New Zealand trades under: AMI, State, NZI, NAC, Lumley and Lantern, as well as the insurance products of BNZ, ASB, Westpac and the Co-operative Bank. Toka Tū Ake EQC claims, that we lodge on its behalf, are not included.