IAG NZ warns it may withdraw from flood-prone areas without faster risk reduction
Insurance company IAG NZ says it could stop offering cover in flood-prone regions unless the Government accelerates efforts to reduce natural hazard risks.
IAG NZ has cautioned that it may need to withdraw insurance coverage from New Zealand's flood-prone areas if the Government does not increase the pace of natural hazard risk reduction. The insurer indicated there is a financial limit beyond which premiums cannot be raised to adequately cover the risks in these regions.
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‘There comes a point where there’s no price you can charge that can cover the risk’
IAG NZ warns it may have to withdraw insurance from NZ’s flood-prone areas in the future if the Government doesn’t speed up natural hazard risk reduction