Source: Insurance Council of NZ
The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) is calling for the Fast-Track Approvals Bill to bolster resilience and ensure development projects safeguard people and property against natural hazard risks such as flooding.
“We acknowledge the purpose of the Fast-Tack Approvals Bill to deliver faster infrastructure and development projects. We especially support the establishment of a fast-track pathway for projects that bolster adaptation, resilience, and recovery from natural hazards,” ICNZ chief executive Kris Faafoi said.
“However, it’s critical that such initiatives do not inadvertently exacerbate risks to our communities. The Auckland Anniversary Weekend and Cyclone Gabrielle weather events in 2023 has resulted in over 115,000 claims at an estimated cost of $3.8 billion. These events highlight the need for a stronger focus on land use and development that emphasises climate change adaptation and resilience.
“New Zealand needs to take a long-term perspective that fosters the broad availability of insurance. This entails prudent land-use planning that avoids new developments in high-risk areas susceptible to natural hazards.
“Where the risk becomes too high, insurance may not be affordable or available which has an impact on property values and the housing market and puts pressure on the government to invest in protection or compensate owners.
“ICNZ is committed to working with all those involved to find a way through the complex landscape of risk management and sustainable development. By prioritising and embedding resilience in decision-making processes, New Zealand can mitigate the adverse impacts of natural hazards and safeguard the well-being of its communities,” Kris Faafoi said.
ICNZ’s submission on the Fast-Track Approval Bill can be found here:
