The Reserve Bank of New Zealand warns that home insurance for flood-prone and earthquake-prone properties may become unaffordable or unavailable.
The Reserve Bank of New Zealand warns that home insurance may become unaffordable or unavailable for properties in flood-prone or earthquake-prone areas due to rising premiums and increased risk assessments. The central bank suggests that this situation could prompt homeowners to reduce their exposure to risks, which may involve relocating from high-risk areas. The insurance industry has shifted towards risk-based pricing for residential dwelling insurance, and premiums have outpaced general inflation in the last decade.
April 28, 2024
6 Articles