QBE highlights climate risks in New Zealand

Today, Dr Joanna Aldridge, Group Head of Catastrophe Research at QBE, and Dr Rob Bell, Managing Director of Bell Adapt, presented to over 100 attendees at two key events hosted by the Insurance Council of New Zealand (ICNZ) and BusinessNZ Energy Council (BEC). Their presentation addressed the escalating climate risks facing Aotearoa New Zealand – and the need for data-driven decision-making across the insurance and finance sectors.

Their insights come at a critical time. In 2023, New Zealand experienced two record-breaking weather disasters – the Auckland Anniversary Day floods and ex-Tropical Cyclone Gabrielle – each resulting in insured losses more than ten times higher than previous events. Yet, catastrophe models tailored to New Zealand's unique exposure remain limited, and mandatory climate reporting for financial institutions began in 2024.

To help bridge this gap, Dr Aldridge and Dr Bell presented findings from a comprehensive review of the latest climate science, synthesising research into a practical resource for insurers, policymakers, and businesses. The review outlines projected increases in extreme short-duration rainfall, rising flood risks, changing cyclone behaviour, and emerging wildfire threats, while identifying knowledge gaps in understanding key weather systems.

“These aren’t just statistics – they’re signals,” said Dr Aldridge. “And at QBE, we believe in sharing these signals, because access to accurate, science-backed data is essential for smarter decisions.”

This work reflects QBE’s purpose – to enable a more resilient future, with people, communities, and customers at the heart of it.

“By sharing insights, we’re supporting a shift from response to readiness,” added Dr Aldridge. “From reacting to extreme events, to preparing for them and reducing their impact. That’s the role insurers can and should play.”

The presentation highlighted that building resilience in New Zealand – an island nation exposed to weather systems of both tropical and temperate origin – requires collective action and a shared understanding of risk.

QBE is proud to support efforts that connect climate science to practical risk management, and thanks Dr Aldridge and Dr Bell for their leadership in turning data into action.

To read the full paper, visit the IOPscience website.

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