Insurance Business Magazine article.
Flooding, though not as costly as a major earthquake, is the most frequent natural hazard our country faces. Outside of the Canterbury and Kaikōura earthquakes, it contributes most to insured losses from natural hazard events.
Insured losses from all extreme weather events are on the rise due to climate change. Last year’s record insured loss in this category of $274 million has already been exceeded in 2021. Flood damage is a major contributor to those losses.