Tower supports climate risk
Blair Turnbull, Tower Insurance’s Chief Executive Officer, welcomes today’s announcement on mandatory reporting of climate-related financial disclosures and said that the company would look to develop its reporting criteria to introduce this type of disclosure ahead of the 2023 timetable set by the government.
"As a Kiwi insurer, we are acutely aware of the climate risks faced by New Zealand and it is our role to help mitigate and prepare for things like rising temperatures, changing sea levels, increased chances of flooding and more volatile weather patterns," said Turnbull.
"Insurers around the world are starting to implement risk-based pricing for climate change, and we are likely to see this happen in New Zealand over time as climate change impacts increase.
"We believe that risk-based pricing is a fairer way to price insurance. It helps to educate customers, communities and other stakeholders about risk and encourages action to help mitigate and reduce the impacts of earthquake, climate change and other natural disasters.
"Mandatory reporting requirements will help increase transparency around what actions are being taken by businesses to prepare for these risks and increase the resilience of our communities and the economy," said Turnbull.