“Caveat emptor”—let the buyer beware—has guided property purchases in New Zealand for decades. But in today’s environment, that idea no longer feels fair or sustainable.”
– Jimmy Higgins, CEO, Suncorp New Zealand

Extreme weather events, rising insurance claims, and increasing disruption to communities are changing the way we think about property risk. In a recent press release, Suncorp New Zealand CEO Jimmy Higgins shared his perspective on the growing impact of climate change and the urgent need for greater transparency in how we manage risk.

According to Higgins, many New Zealanders are making high-stakes decisions—where to live, build, or invest—without access to essential natural hazard information. “You can't act on what you don’t know,” he says, pointing out that the current system leaves too many people unaware of flood zones, unstable land, or erosion risks.

Higgins recently served as a member of the Independent Reference Group on Climate Adaptation, which has released a series of recommendations to help build a more resilient future. Among the Group’s key proposals:

  • Open access to consistent, property-level data on hazards such as flooding, erosion and slips

  • Better coordination across councils, government, insurers, and lenders

  • A measured, 20-year transition plan to support informed decision-making and avoid market shocks

“Natural disasters scar communities and cause long, hard recoveries. It’s time we moved from simply warning buyers to truly preparing them—and our communities—for the risks ahead.”

At Suncorp, the impact is already being felt. The company paid out $1.2 billion in weather-related claims in the last financial year, much of it tied to the Auckland floods and Cyclone Gabrielle—New Zealand’s costliest weather event on record.

What this means for you

As climate risk becomes more visible, property decisions—whether buying, selling, or insuring—are increasingly tied to access to quality information. The financial impact may also flow through to investment portfolios, home lending, and insurance availability.

We’ll continue to monitor developments in this space closely. If you’d like to understand how this may affect your financial planning or property-related decisions, contact us to discuss further.