The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) is welcoming additional funding in Budget 2024 to invest in building resilient communities affected by the Auckland Anniversary Weekend flooding and Cyclone Gabrielle events.

“The extreme weather events in early 2023 was New Zealand’s second largest natural disaster and caused immense damage and disruption to lives, property and infrastructure,” ICNZ chief executive Kris Faafoi said.

“The measures in Budget 2024 to further invest in infrastructure, emergency management and climate adaptation will help build greater resilience and reduce the risk to people’s lives and property. We know that for every $1 invested in flood resilience we can save $6 in post event costs.

‘We also welcome steps to build up the country’s knowledge of natural hazards by further funding for GeoNet and the National Seismic Hazard Model. It’s important that New Zealand takes a long-term view on the risks from natural hazards as we face the prospect of more frequent and severe events due to climate change.

“Reducing risks to homes and communities before disasters strike is vital to helping keep insurance affordable and accessible in New Zealand. We urge the Government to continue looking at ways to ensure New Zealand is building resilience in the future.

“The ICNZ looks forward to working together with the Government, councils and others to find ways to reduce natural hazards risks to protect people’s lives and assets and build a more resilient New Zealand,” Kris Faafoi said.