Source: Insurance Council of NZ
The Insurance Council of New Zealand | Te Kāhui Inihua o Aotearoa (ICNZ) has released its 2025 Annual Review, highlighting the growing urgency of reducing risk from natural hazards to protect communities and keep insurance accessible.
“Recent severe weather events are a reminder of the damage, disruption and devastation to life, property and communities,” ICNZ Chief Executive Kris Faafoi said.
“Insurance plays a critical role in helping New Zealanders get back on their feet after disasters. However, we all know it’s better for New Zealand to work collectively to act before disaster strikes, rather than pick up the pieces afterwards.
“Reducing risk upfront through smarter planning, resilient infrastructure and better information is essential if we are to protect communities and sustain access to insurance over the long term.
“The Government’s National Adaptation Framework is a vital first step. Now it’s time to move the dial from good intentions to real action.”
The Annual Review details ICNZ’s engagement throughout 2025 on major policy reforms affecting the sector, including work with central and councils on the National Adaptation Framework, resource management and building system reforms, and emergency management settings.
ICNZ made a record number of submissions during the year and strengthened its engagement with councils, recognising the increasingly important role local decision-making plays in managing flood and other natural hazard risks.
With 2026 an election year, Mr Faafoi said maintaining momentum on adaptation and building an enduring cross-party consensus would be critical.
“New Zealand is at a pivotal point. The direction is increasingly clear, but delivery now matters. Communities facing repeated flooding or storm damage cannot afford delay.”
The Review also highlights a major strategic investment by ICNZ in shared data capability, with the development of Te Pou Inihua, a new industry data platform designed to improve understanding of risk, support evidence-based policy, and strengthen public confidence in the insurance system.
“Better data means better decisions,” Mr Faafoi said.
“Te Pou Inihua will provide a trusted, aggregated view of insurance insights to inform government, communities and the sector as we navigate increasingly complex risks.”
The Annual Review reflects a year of significant change for ICNZ, including a refreshed strategy, deeper collaboration with global reinsurers, and a continued focus on fairness, transparency and consumer trust through the Fair Insurance Code.
ICNZ’s Annual Review 2025 is available here: https://www.icnz.org.nz/wp-content/uploads/2026/03/ICNZ-Annual-Report-2025_V6.pdf
