, New Zealand
/Sulthan Auliya from Unsplash

Rising claims spark fears amongst New Zealand home buyers

CEO urges insurers to ensure insurance accessibility.

Natural hazard risk is now the second most important consideration for home buyers and renters, after price. New research from insurers AMI, State, and NZI shows that 86% of people consider climate risk when choosing a home, up from 55% two years ago.

The study reveals that weather and natural disaster risk ranks just below price, and ahead of factors like crime rates, school zones, and public transport. Additionally, 90% of respondents want more publicly available information on hazard risks.

AMI, State, and NZI CEO Amanda Whiting highlights the increased awareness and concern about climate risks, noting that events like Cyclone Gabrielle have significantly influenced people's choices. 

The research, featured in the latest Wild Weather Tracker, reported 6,712 weather-related claims over a mild summer, with Canterbury experiencing 37% of these claims, mainly due to storms and strong winds.

ALSO READ: NZ general insurance GWP to grow 7.3% annually

The survey also found that 79% of people want councils to provide more hazard risk information, followed by real estate agents (57%), the government (52%), and insurers (41%).

The Wild Weather Tracker includes details on assessing a property’s natural hazard risk and accessing the Disaster Claims Hub for claim information post-events.

Whiting emphasises the importance of maintaining strong, sustainable insurance amid increasing claims and inflation-driven premium hikes, whilst also working with councils, the government, and other partners to ensure insurance accessibility. She stresses the need for proactive measures to prevent disasters like those of summer 2023.

 

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