Natural hazard risk is the second most important consideration for New Zealanders when looking to buy or rent a home, new research from IAG has revealed.

About 86% of homeowners would consider climate risks when buying a property, up from 55% two years ago, with 90% saying they want more information on hazard risks publicly available.

Property price is the most considered factor, while crime rates, school zones and public transport all place behind climate risks.

The findings come from IAG’s Wild Weather Tracker, which collects data from subsidy insurers AMI, State and NZI.

IAG New Zealand CEO Amanda Whiting says climate concerns are “well and truly front of mind for New Zealanders”.

“Issues like flooding are now impacting people’s behaviour around where to buy and rent,” she said.

“People have seen the devastation wrought by storms like Cyclone Gabrielle and are much more aware of the risks.”

IAG says 79% of respondents want councils to provide information on natural hazard risks for properties, and most also want more detail from real estate agents, governments and insurers.

The insurer says it has received 6712 weather claims over the past six months, with 37% coming from Canterbury following intense storms and wet weather in October.

Ms Whiting says continued co-ordination among relevant stakeholders is vital to protect people and prevent a “repeat of what happened during the summer of 2023”. 

“As a country, we are facing growing risk with unpredictable weather, alongside other natural hazards like earthquakes ... this means claims are becoming more frequent and costly, compounded by inflation, which has led to premium increases,” she said.

“This is why it’s important we continue to work closely with councils, the government and other partners to ensure insurance remains accessible for New Zealanders.”