Farm Insurance NZ
In its statement, the government emphasises that no community will escape the cascading and compounding risks posed by climate change. By intensifying efforts to reach net-zero emissions by 2050, Australia aims to mitigate the harshest implications on its communities and economies.
The assessment underscores the stark reality that climate hazards will worsen under any foreseeable scenario. A notable finding is the stark difference in impact between a 2-degree and a 3-degree increase in global temperatures. Health and safety risks are projected to escalate, with flooding, fires, and cyclones becoming increasingly frequent and severe. Rising sea levels are projected to threaten an additional 1.5 million people by 2050, while heatwaves are expected to claim more lives, particularly in northern regions.
With natural disasters becoming more frequent, the cost of insurance is anticipated to rise, leading to a significant increase in the number of underinsured or uninsured properties. While acknowledging the positive effects of the cyclone reinsurance pool in reducing premiums, the report recommends further government intervention to ensure equitable insurance access.
The National Adaptation Plan details how the government plans to tackle the identified risks. Continued support for the cyclone reinsurance pool is assured, along with new collaborations with the Hazards Insurance Partnership to enhance governmental data utilisation. This could involve data collection on climate risks associated with asset locations and development of resilience investments.
Anchoring Australia's disaster resilience efforts is the Disaster Ready Fund, aiming to channel up to $1 billion into mitigation projects over the coming half-decade. The plan also highlights a targeted approach to community displacement caused by natural disasters, advocating for strategic community relocation plans.
The government plans to collaborate with state and local authorities to establish an actionable agenda informed by economic and actuarial analyses. The goal is to pinpoint policy interventions offering the most substantial economic advantage, aligning with ongoing resilience initiatives.
Published:Wednesday, 17th Sep 2025
Source: Paige Estritori
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| ASIC Extends Relief on Distribution Rules for Insurance Providers 16 Sep 2025: Paige Estritori The Australian Securities and Investments Commission (ASIC) has announced an extension of the exemption allowing general insurance providers to forego appointing product distributors as authorised representatives. This decision comes with the introduction of a new legislative instrument, 2025/520, which renews the previous framework, originally established under instrument 2015/682. The relief will now continue until August 27, 2030. - read more |
| Cyber Insurance Becomes Essential Amid Rising Digital Threats 12 Sep 2025: Paige Estritori The recent cyberattack on Fortnum Private Wealth, accompanied by ASIC's legal action, has spotlighted the critical risks cyber threats pose to financial advice companies in Australia. With digital integration intensifying across the finance sector, the owner of Fortnum, Entireti, plans to defend the case, underscoring the necessity for ongoing vigilance in cybersecurity measures. - read more |
| Swiss Re Foresees Rising Premiums Amid Increasing Global Risks 10 Sep 2025: Paige Estritori In a comprehensive analysis, Swiss Re Institute predicts that global property and casualty insurance premiums will rise in tandem with GDP over the upcoming decade. This growth is driven by amplified natural catastrophe losses, asset accumulation, and heightened economic and litigation claims inflation. The institute's report outlines the evolving insurance landscape amid increasing global risks. - read more |
| Insurance Council of Australia Assists NSW Flood Claimants 09 Sep 2025: Paige Estritori In response to the devastating floods that swept across New South Wales' Mid North Coast in May, the Insurance Council of Australia (ICA) is taking proactive steps to support the affected residents. Insurers, organised by the ICA, will be meeting with flood victims in Kempsey, Taree, and Port Macquarie to provide guidance and support as they navigate their insurance claims. - read more |
| Ombudsman Upholds Policyholder’s Claim Despite Fraud Allegations 08 Sep 2025: Paige Estritori A motor insurance policyholder has won a significant dispute over fraud allegations, with the industry ombudsman ruling in favour of a payout following a controversial car accident claim. The case revolved around an incident where the claimant's wife crashed at an intersection one evening, reportedly failing to yield. The lack of photographic evidence due to shock and subsequent involvement of towing services complicated matters. - read more |
| Customizing Your Farm Insurance: Tailoring Policies to Fit Unique Agricultural Needs Those who work the land know that every farm has its own heartbeat - its unique rhythm defined by the crops it yields, the livestock it nurtures, and the natural environment it exists within. Recognizing this individuality is crucial, especially when it comes to safeguarding your agricultural investment with the right insurance policy. - read more
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| Securing Your Farm's Future: Top Estate Planning Tips for New Zealand Farmers New Zealand's farming community forms the backbone of its thriving agricultural sector, yet many overlook the critical importance of proactive estate planning. With farmland often being held within families for generations, securing its future is not just a financial concern, but a deeply personal one as well. - read more
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| Protecting Your Farming Future: Why Machinery Breakdown Coverage is Essential Farming is a vital part of New Zealand's economy and cultural heritage, representing a way of life for thousands across the country. With its unique landscapes and diverse climate, New Zealand farmers are renowned for producing a wide array of high-quality products that serve not only the nation's needs but also supply a multitude of international markets. - read more
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| Natural Disaster Preparedness: Insurance Tips for Farmers Facing Adversity In the heart of New Zealand's pastoral verdure, the significance of preparedness for natural disasters is paramount for the farming industry. The distinct landscape, while providing an idyllic backdrop for agricultural pursuits, is not without its challenges. Farmers are often at the mercy of nature's unpredictability, making disaster preparedness not just prudent but essential for the continuity of their livelihood. - read more
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| Understanding Livestock Insurance: What Aussie Farmers Should Know In the vast and diverse landscapes of Australia, livestock farming stands as a critical pillar of the agricultural sector. From the cattle stations of the remote Outback to the dairy farms dotting the greener pastures of Tasmania and Victoria, Australian farmers rely heavily on their herds and flocks for their livelihood. The health and well-being of these animals not only impact the economic stability of individual farms but also contribute significantly to the nation's food security and export earnings. - read more
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| Common Pitfalls to Avoid When Insuring Your Farm Equipment In the world of agriculture, having the right insurance coverage is essential. Farming is a high-risk industry that deals with unpredictable elements, and insuring your farm equipment can safeguard your livelihood. - read more
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Customizing Your Farm Insurance: Tailoring Policies to Fit Unique Agricultural Needs Those who work the land know that every farm has its own heartbeat - its unique rhythm defined by the crops it yields, the livestock it nurtures, and the natural environment it exists within. Recognizing this individuality is crucial, especially when it comes to safeguarding your agricultural investment with the right insurance policy. - read more
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Natural Disaster Preparedness: Insurance Tips for Farmers Facing Adversity In the heart of New Zealand's pastoral verdure, the significance of preparedness for natural disasters is paramount for the farming industry. The distinct landscape, while providing an idyllic backdrop for agricultural pursuits, is not without its challenges. Farmers are often at the mercy of nature's unpredictability, making disaster preparedness not just prudent but essential for the continuity of their livelihood. - read more
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Protecting Your Farming Future: Why Machinery Breakdown Coverage is Essential Farming is a vital part of New Zealand's economy and cultural heritage, representing a way of life for thousands across the country. With its unique landscapes and diverse climate, New Zealand farmers are renowned for producing a wide array of high-quality products that serve not only the nation's needs but also supply a multitude of international markets. - read more
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