Blair Turnbull, Tower Insurance’s Chief Executive Officer, welcomes today’s announcement on mandatory reporting of
climate-related financial disclosures and said that the company would look to develop its reporting criteria to
introduce this type of disclosure ahead of the 2023 timetable set by the government.
"As a Kiwi insurer, we are acutely aware of the climate risks faced by New Zealand and it is our role to help mitigate
and prepare for things like rising temperatures, changing sea levels, increased chances of flooding and more volatile
weather patterns," said Turnbull.
"Insurers around the world are starting to implement risk-based pricing for climate change, and we are likely to see
this happen in New Zealand over time as climate change impacts increase.
"We believe that risk-based pricing is a fairer way to price insurance. It helps to educate customers, communities and
other stakeholders about risk and encourages action to help mitigate and reduce the impacts of earthquake, climate
change and other natural disasters.
"Mandatory reporting requirements will help increase transparency around what actions are being taken by businesses to
prepare for these risks and increase the resilience of our communities and the economy," said Turnbull.