It's time to fix 'dumb' mistakes in NZ's infrastructure, says insurance body head

The Wellington suburb of Petone is at risk of earthquakes, tsunamis, river flooding and liquefaction, says Tim Grafton. (Image: Getty)

Greg Hurrell

Tue, 24 Oct 2023

New Zealand has made major historical mistakes in where it has built and needs to stop building in “dumb” places, the outgoing head of the Insurance Council of NZ says.Tim Grafton is stepping down as chief executive of the Insurance Council of NZ (ICNZ) next April after a frenetic 11-plus years marked by major earthquakes and national infrastructure under increasing pressure from climate change.He said insurers could only take on a certain amount of risk and could no longer be relied on to fix everything when the worst happened.&nbs...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket up 0.4%; Hallenstein CEO resigns

The S&P/NZX 50 Index closed at 13,133.16, up 62.71 points or 0.48%.

Graham Skellern 6:10pm

Retail

Smiths City placed in voluntary administration

All nine Smiths City stores and online shop have been temporarily closed.

Staff reporters 10:45am

Smiths City placed in voluntary administration

Infrastructure

A year late, but AWS $7.5b investment is here

Amazon's $7.5b datacentre investment originally announced in 2021 is here.

Dileepa Fonseka 10:00am

A year late, but AWS $7.5b investment is here

Sponsored

Bold Steps: reshaping women’s leadership in Aotearoa

Dame Therese Walsh and Dame Joan Withers reflect on the summit’s unlikely beginnings – and how it has evolved into a platform for ambition and impact today.

OnBeingBold

Sponsored