Brakes on for climate change flood insurance scheme

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
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...

More Policy

Auckland housing project withdrawn from fast-track
Policy

Auckland housing project withdrawn from fast-track

The developer plans to lodge a fresh application after draft decline.

Oliver Lewis 16 Sep 2025
First look at NZICC, and SkyCity's hopes for $70m fund
Economy

First look at NZICC, and SkyCity's hopes for $70m fund

SkyCity's COO says a new govt fund should help fill empty hotel rooms across Auckland.

Dileepa Fonseka 15 Sep 2025
Real estate industry wants AML levy exemption
Finance

Real estate industry wants AML levy exemption

The real estate industry is warning an AML levy will drive up costs in the sector.

Michael Neilson 15 Sep 2025
Craigs' sweet spot for golden visa investors
Finance

Craigs' sweet spot for golden visa investors

Billionaires can go solo. For other wealthy investors, there's Craigs' new fund.