A warning that New Zealand needs to act now, to prevent further insurance spikes in the years to come

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.