Tower says insurers can’t keep picking up the climate crisis pieces

Tower’s chair Michael Stiassny has strong views on insurers role in dealing with managed retreat. (Image: Supplied))

Tue, 28 Feb 2023

Tower’s chair, Michael Stiassny, says the “rubber is going to hit the road” in how New Zealand deals with the pressing issue of managed retreats in a worsening climate crisis.At the general insurer’s annual meeting today, Stiassny said Tower disagreed with the suggestion that insurers should “bear some of the costs” that were potentially associated with managed retreat.“This may sound reasonable on the face of it, but it completely ignores the fact that the global insurance model is predicated on paying...

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