Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


ICNZ Warns Country Must Adapt to Extreme Weather Events

MEDIA RELEASE

October 16, 2013

ICNZ Warns Country Must Adapt to Extreme Weather Events

The cost of insured damage from extreme weather events for 2013 is likely to be over $100 million, making it the most costly year from storms in New Zealand since 2004, according to the Insurance Council of New Zealand.

“Improving community resilience to extreme weather events is now a priority,” says ICNZ Chief Executive Tim Grafton. “New Zealand has to plan and adapt in ways that will reduce the impact of natural disasters because every dollar spent in pre-disaster adaptation measures saves many more after the event.

“This one storm (14/15 October 2013) will not result in an increase in premiums but if New Zealand doesn’t adapt to changing climate conditions, there will be increased claims and higher losses leading to higher premiums or even cover being withdrawn in some areas.  We need to think about how to manage risk not assume that insurance manages it all for us.  It doesn't”.

ICNZ welcomed the Government’s recent announcement to spend up to $201 million on scientific research aimed at strengthening New Zealand’s resilience to natural hazards over the next 10 years.

“More research such as this is needed to inform the frequency and magnitude of weather events and high-grade modelling which builds in cascading events - floods bring with them landslides, storms bring winds and with high tides come storm surges,” says Mr Grafton.  “We also need to see a consistent approach to hazard-mapping around the country which in turn informs consenting and design processes”.

“Improving community resilience to extreme weather events is the responsibility of government, local authorities, policymakers, businesses and the public alike especially if we are to ensure a rapid recovery after a disaster hits and the ongoing availability and affordability of insurance in the future,” he says.

2013 Insured Damage from Storms To Date

   Provisional
$ million
Final
$ million
 TOTAL
$ million
2013Nationwide storms20-22June$        33.90   
2013Nelson/Bay of Plenty storm and floods19-22 April $         46.20  
2013North Island Floods4-7 May $           2.90  
   $        33.90  $         49.10  $       83.00

Summary of Insured Storm Damage for 2004

   Final
$ million
2004Storm Damage - North Island20 & 21 Jan0.94
2004Flooding - Hawkes Bay18-Oct5.9
2004Eastern Bay of Plenty Floods17 & 19-Jul21.77
2004Storms - North and South Islands15 & 20 Aug10.74
2004Storm Damage - Lower Nth Island15 &16 Feb140.06
2004Wanganui Hailstorm6-Apr1.62
   181.03

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news