Insurance Council Warns About Sea Level Rise
Last week CEO of the Insurance Council of New Zealand Tim Grafton spoke in Thames about what climate change and sea-level rise means for the insurance cover for your house or business.
Mr. Grafton stated bluntly that as destructive sea flood events become more frequent, insurance companies will steadily raise insurance premiums and excesses, and eventually will withdraw cover for flood damage. How soon will depend on how quickly Jan 5 type storm surge events, or worse are repeated.
He also warned that banks will begin to shorten mortgage terms and will ultimately refuse to lend at all on at-risk coastal properties, causing values to plummet.
Read more here…
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