Kathmandu. The cost of home insurance in New Zealand has increased by 916 percent since 2000. New Zealanders are running out of access to home insurance due to high costs.
A recent report called on stakeholders to take immediate appropriate steps to prevent insurance from making it uncomfortable for New Zealanders. Consumer watchdog Consumer NZ in a new 54-page report titled “Will you be able to get home insurance by 2035?” published in August, saying that getting insurance is becoming difficult and the need is only increasing.
“Will you be able to get home insurance by 2035? If we don’t take appropriate action right now, it’s entirely possible that many New Zealanders won’t be able to get insurance by 2035,” said Rebecca Styles, head of consumer NZ’s consumer research team and author of the report.
According to Stats NZ, consumer NZ’s report shows that the cost of home insurance has increased by 916 percent since 2000. Independent and non-profit organisations have urged the central government to work with local governments and insurance companies on a national solution to ensure insurance is available and affordable.
Consumer NZ wants to develop a climate adaptation framework, increasing oversight of the insurance industry and increase consumer safety.
