Misc

Insurance backlash in flood aftermath

People buying property should make their offers subject to flood insurance cover being available, as well as finance, says the Insurance Council of New Zealand.

Wednesday, August 04th 2004

While New Zealand companies have not yet removed cover from properties in flood-prone areas, the council's chief executive Chris Ryan warns that this could be a "real possibility" in future.

A string of major floods in New Zealand in the past five years has seen the insurance industry pay out damage claims of $300 million. And emergency managers and scientists are warning that climate change will cause more floods in the immediate future.

Manawatu is tipped to get 5 percent more rain in the next 50 years, with a possible increase in the frequency and severity of storms - just what happened in February.

The insurance council is signalling this could lead to some places in New Zealand not being insurable in future, because the flood risks are too great.

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Heartland Bank - Online	6.69
SBS FirstHome Combo	6.74
Wairarapa Building Society	6.95
Unity	6.99
Co-operative Bank - First Home Special	7.04
ICBC	7.05
China Construction Bank	7.09
BNZ - Classic	7.24
ASB Bank	7.24
ANZ Special	7.24
TSB Special	7.24

Unity First Home Buyer special	6.45
Heartland Bank - Online	6.45
TSB Special	6.75
Westpac Special	6.75
China Construction Bank	6.75
ASB Bank	6.75
ICBC	6.75
AIA - Go Home Loans	6.75
Kiwibank Special	6.79
Co-operative Bank - Owner Occ	6.79
ANZ Special	6.79

ASB Bank	6.39
Westpac Special	6.39
AIA - Go Home Loans	6.39
China Construction Bank	6.40
ICBC	6.49
SBS Bank Special	6.55
Kiwibank Special	6.55
BNZ - Classic	6.55
Co-operative Bank - Owner Occ	6.55
TSB Special	6.59
Kainga Ora	6.99

SBS FirstHome Combo	6.19
AIA - Back My Build	6.19
ANZ Blueprint to Build	7.39
Credit Union Auckland	7.70
ICBC	7.85
Heartland Bank - Online	7.99
Pepper Money Essential	8.29
Co-operative Bank - Owner Occ	8.40
Co-operative Bank - Standard	8.40
First Credit Union Standard	8.50
Kiwibank	8.50