The Insurance Council of New Zealand has backed calls to speed up adaptation to climate change, after a report found action so far lacks the scale or pace required.

The NZ Climate Change Commission’s first monitoring report on adaptation progress says the status quo is unsustainable and the country must be more proactive.

ICNZ CEO Kris Faafoi says modelling estimates about 750,000 people and 461,000 buildings are at risk of flooding, involving many billions of dollars in assets, and the council supports commission findings that urgent action is needed.

“We also back the commission’s call that there are things we can do together as a country to provide long-term clarity and certainty around our response to climate change,” he said.

“A co-ordinated effort by the government, councils, iwi, the private sector and local communities to invest in mitigation and adaptation to reduce risk can help keep insurance affordable and accessible.”

The Auckland Anniversary Weekend and Cyclone Gabrielle events early last year are estimated to have prompted $NZ4 billion ($3.7 billion) in insurance claims, and Treasury estimates infrastructure damage was up to $NZ14.5 billion ($13.4 billion).

Climate Change Commission recommendations include a clear legislative mandate for adaptation planning and action at the local level, and having clear roles and responsibilities nationally and locally.

Planning for managed retreat should include specifying the circumstances under which it is considered an option, how it should be planned for and powers required.

Processes are required for the development, collection and communication of risk information, it says, and clarity is needed on how adaptation costs will be shared and met.

Mr Faafoi says ICNZ supports the government exploring ways to facilitate access, availability and sharing of expertise and information to assist local planning and action.

“Climate change is an urgent issue that has far-reaching impacts for New Zealand and investing in adaptation now makes sense. Research shows that every dollar invested in adaptation yields substantial economic benefits,” he said.