Climate risk Our environmental impact
The weather has become a vital concern to the insurance industry. Weather-related disasters represent 18 of the top 20 insurance losses in New Zealand since 1968. Flooding, by far the most significant cause of damage is responsible for 70% of all weather related losses.
We accept the strong scientific consensus that human-induced climate change is real. The consequences of climate change are being seen and heard with higher frequency and greater intensity. Those who live in riskier areas could well find insurance less affordable and less readily available unless new solutions are found.
Our ability as a nation to future-proof our communities will be critical for insurance companies considering how to insure risks, at affordable premiums, in a future climate. Of particular concern is the number of homes and businesses which are situated in flood plains.
Whether it’s the capacity of building designs and materials to withstand stronger weather events or people’s awareness about how to lower the risks of being affected by storms, we’re committed to helping find ways forward that work for both our customers and the company.
In line with this we’ve introduced products under our NZI brand to reward our broker customers for lowering their emissions.
Whether it's replacing our customers’ appliances with more energy-efficient ones, building sustainable features into homes, or giving discounts for driving less, NZI’s Sustainability Suite not only makes good environmental sense, but also saves our customers money on their power and fuel bills.
We’re the first insurer in New Zealand to offer green incentives to our customers. It’s a practical way we can support our customers to make a difference.
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