Suncorp NZ boss: Insurers have to stop being ‘ambulance at the bottom of the cliff’

Suncorp NZ's Jimmy Higgins says there was no doubt there was an increase in the frequency and severity of natural hazards, particularly floods. (Image: Suncorp)

Riley Kennedy

Tue, 09 Aug 2022

The boss of one of New Zealand’s largest insurers wants his industry to sit around the table with the government to come up with a broader climate change adaptation plan.Increasing extreme events, such as floods and storms, have been eating into insurers’ margins as they pay out more in claims.Suncorp New Zealand – which owns Vero Insurance, Asteron Life, as well as part of AA Insurance in NZ – is no exception, paying out $107 million in natural hazards in the 12 months to June 30, 2022, $45m above its allowance. That co...

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