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climate conditions, there will be increased claims and higher losses leading to higher premiums or even cover being withdrawn in some areas.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

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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