A warning that New Zealand needs to act now, to prevent further insurance spikes in the years to come
A warning that New Zealand needs to act now, to prevent further insurance spikes in the years to come
6 May 2024
Stats NZ figures compiled by Newstalk ZB show home insurance premiums have increased 24.6 percent in the past year, while contents insurance premiums have increased 28-percent.
Insurance Council Chief Executive Kris Faafoi says it's partly due to a 25 to 40 percent increase in reinsurance costs.
He says if New Zealand can mitigate risks to coastal and flood-prone communities, that will be reflected in the reinsurance costs insurers are having to pass on to consumers.
© 2024 Newstalk ZB, NZCity
