Wednesday’s Chorus: Biggest insurer starts targeted climate retreat

Owners of property deemed at risk from climate change related floods and rising sea levels will increasingly find their access to affordable insurance shut off. Some may become ‘prisoners’ in their uninsurable and therefore unbankable homes. Photo: Lynn Grieveson / The Kākā

TL;DR: IAG, which insures more than 60% of homes in Aotearoa, has begun pulling insurance and repricing policies for homes declared as category three and two respectively, effectively beginning its targeted climate change retreat from suburbs, streets and addresses prone to storms, floods and rising sea levels.

The top news elsewhere:

• National’s Transport Spokesman Simeon Brown has demanded Wellington City Council stop signing contracts to pedestrianise its Golden Mile project before the election because he says a National Government opposed spending money on Let’s Get Wellington Moving and other Wellington transport projects.

• The oil price rose over US$95/barrel overnight, threatening to push petrol prices well past $3/litre before the election.

• The first televised leaders debate of the election last night was judged inconclusive and unlikely to shift the result on October 14 any particular way.

• Australia’s Bureau of Meteorology declared El Niño has begun, just as the temperature at Sydney Airport rose to a record high 35.9 degrees for a September.

• Canada accused India of being involved in the murder of a politician in Canada.

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The moment climate change becomes very real, very fast

It’s the letter any home owner dreads.