New Zealanders’ weekly spending on building-related insurance has risen more than 70% since 2011.

The main surge appears to have passed, but the upward trajectory remains unbroken: building-related insurance spending increased 9.9% in the year to June 30, according to Statistics New Zealand.

In Canterbury, the centre of the catastrophic 2010/11 earthquakes, the year’s rise was 16.1%.

The Household Economic Survey for the year to June 30 shows average weekly expenditure on building-related insurance at $NZ28.70 ($26.04), up by $NZ12.10 ($10.97) on 2011 spending.

Insurance Council of New Zealand CEO Tim Grafton told insuranceNEWS.com.au higher reinsurance costs combined with a recalculation of risk and increased building costs under new building codes have pushed up insurance spending.

He says there is no evidence of a consumer backlash, nor does he believe the New Zealand market is in danger of becoming unattractive for insurers.

“We’ve seen new entrants over the past 12-15 months or so, which would indicate this is not a market insurers are exiting,” Mr Grafton said.

“I’m not going to speculate about the future because we’re in a competitive market situation and global events can impact on the local market, but I’ve seen no evidence to date that there are any negatives for the industry arising from this report.”