Sea level rise: insurance and retreat - James Shaw

Recent research from Victoria University of Wellington has revealed thousands of coastal homes could face huge hikes in insurance premiums, or an inability to get insurance at all, within fifteen years. The report from the Government-funded Deep South Challenge has assessed the risk for around ten thousand homes in one-in-100-year coastal flood zones, in Auckland, Wellington, Christchurch and Dunedin. Across the country around 450-thousand homes are situated within a kilometre of the coast, and are likely to experience a combination of sea level rise and and storm surges. Earlier this year Chair of the recent RMA review panel Tony Randerson QC recommended a new Managed Retreat and Climate Change Adaptation Act, to provide a legal framework, and funding to help managed retreat from areas affected by climate change.