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Leading insurer praises landmark legislation as milestone


New Zealand's leading general insurer, IAG, has praised the introduction of the Climate Change Response (Zero Carbon) Amendment Bill to Parliament today as a milestone, as the country grapples with the issue of adapting to the consequences of climate change.

IAG New Zealand Chief Executive, Craig Olsen, has praised the Bill.

“The Government is not just focussed on the target of keeping climate change below 1.5 degrees, it is also taking firm action to ensure New Zealand is ready to adapt to the climate change that is coming at us.

“NIWA predictions already point to tens of thousands of properties, worth billions of dollars, that will be under threat in New Zealand with climate change of just 1 degree – we need to be ready for that challenge.

“A poll of 1000 New Zealanders, commissioned by IAG, found that 65 per cent of New Zealanders thought the Government had a responsibility to take action on climate change.

“84 percent of those polled thought that humanity could reduce climate change, but 60 per cent were unclear whether we would do so and only 10 per cent believed that we would take appropriate action. The Bill is about taking that action.

“IAG is proud to be a founding member of the Climate Leaders Coalition, which also supports the Bill. IAG is committed to reducing climate change and supporting adaptation.

“IAG hosted a Climate Leaders Coalition workshop on climate change adaptation in Auckland last month, attended by Climate Change Minister James Shaw and more than 80 business leaders.

“I mentioned at the end of this event that when it comes to climate change in New Zealand, we can’t rely on the old adage ‘she’ll be right’. She actually won't be right, we need to take action.”

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