Climate change

Brakes on for climate change flood insurance scheme

Pattrick Smellie
Thu, 04 Aug 2022

Brakes on for climate change flood insurance scheme
Climate change minister James Shaw launches the national adaptation plan at Wellington's flood-prone Owhiro Bay. (Image: BusinessDesk)
Pattrick Smellie
Thu, 04 Aug 2022
The government has quietly backed away from the vigorous pursuit of a new flood insurance scheme after strong pushback from the insurance industry, which feared the proposal could increase climate change risks.A proposal to examine the British flood insurance scheme known as Flood Re was the only previously undisclosed policy idea released in the draft national climate change adaptation plan (NAP), released in May.The Insurance Council responded in a submission that the idea was “grossly disproportionate” to the risk, particularly a...

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