New Zealand must build back better: Insurance Council

Napier in the aftermath of Cyclone Gabrielle. PHOTO: Napier City Council

Aotearoa must build back better after the catastrophic extreme weather of the past two weeks, the Insurance Council of New Zealand told the Environment Select Committee yesterday.

Insured losses for the recent devastating weather were going to cost more than comparable extreme weather events for all of 2022 - which was already a record year for costs from extreme weather. Total economic losses from recent climate events will run into the billions of dollars, the Insurance Council said.