Kris Faafoi is chief executive of the Insurance Council of New Zealand | Te Kāhui Inihui o Aotearoa (ICNZ). This article appeared in The Press on 21 October 2025.

The storms and floods of recent years have shown that extreme weather impacts aren’t a distant threat, they’re already here.

And when it comes to our changing climate, New Zealand doesn’t have the luxury of time.

Last week the Government released its National Adaptation Framework.

The public service loves a framework, but what it sets out is how government, councils, the private sector and communities will work together to reduce and manage climate-related risks.

That matters deeply to Kiwis, because the more we reduce those risks, the more we can keep insurance accessible for everyone.

Insurance is a cornerstone of New Zealand’s resilience. It enables people and businesses to recover and rebuild after disasters. In calmer times, insurance gives families peace of mind and businesses the confidence to invest.

But as risks rise from more frequent flooding, landslips, and storms, insurance becomes harder and more expensive to provide that safety net.

The best way to protect accessibility is to reduce the underlying risks before disaster strikes.

The Government’s “framework” is a start, but it must move quickly from a plan on paper to action on the ground. Adaptation can’t remain a long-term aspiration; it has to become an urgent national priority.

Over the past decade, weather-related insurance losses have hit record highs in five of the past eight years. Cyclone Gabrielle and the Auckland Anniversary weekend floods in 2023 alone caused $4 billion in insured losses and over $14 billion in total damage.

Science and forecasters tell us these aren’t one-offs. They’re part of a pattern.

Even if global emissions stopped tomorrow, decades of warming are already locked in. Weather patterns are shifting, and New Zealand will need to shift with them.

While we expect more to come, the insurance sector supports the framework’s focus on clear roles, responsibilities and better information about natural hazard risks.

Requiring councils to develop 30-year adaptation plans for flood- and coastal-prone areas is also a practical step to help communities plan ahead and make better decisions about where and how to build.

But plans alone won’t protect anyone from the next storm.

Some communities are already facing repeated losses. They can’t wait another five years for plans and then longer still for projects.

We need the rules and tools, including funding arrangements, finalised as soon as possible so adaptation can actually happen.

We also need to be realistic about where we build. One of the simplest ways to reduce future risk is to stop developing in high-risk flood and coastal zones.

Embedding resilience into building standards is also essential to ensure homes and businesses can withstand extreme weather events.

These are not easy conversations, particularly for communities already exposed, but they’re ones New Zealand must have if we’re serious about resilience.

In some communities the conversation is happening, and we can learn from local examples like the South Dunedin Futures initiative, where the local council is working with communities on honest, forward-looking plans for adaptation and managed retreat.

Those discussions are difficult, but they’re essential if we want to protect lives, livelihoods and long-term insurability.

When an ICNZ-led delegation met with global reinsurers in London earlier this year, they were clear that adaptation isn’t optional. It’s essential to protect people and keep insurance markets viable.

To attract and maintain global insurance capital, New Zealand needs long-term certainty and policy stability.

Climate change won’t wait for election cycles. Enduring, cross-party political support for adaptation is crucial to maintaining confidence from insurers, investors and communities alike.

If we act now by strengthening vulnerable communities, investing in resilient infrastructure and avoiding new risks, we can protect lives, homes and livelihoods.

We can keep insurance within reach and ensure our future is one of preparedness, not constant recovery.

The framework is a start. Now we need speed.