Reimagining insurance in NZ — Risk-sharing for a climate-challenged era
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As climate change risks increase, insurance premiums are rising, making coverage unaffordable for many, especially those in high-risk areas. To keep home insurance accessible and affordable as hazards intensify, Boston proposes spreading risk across all New Zealanders, rather than placing the burden solely on those in high-risk locations.
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“It’s going to be weather-related hazards that are going to increasingly dominate people’s lives over the coming decades and beyond”, Boston states.
“So my argument in the book is that we need to expand the coverage of perils by the Natural Hazards Commission along the lines of what happens in many countries around the world so that it covers weather-related perils, particularly things like flooding of various kinds, windstorms, hailstorms, and so on”, he adds.
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