Op-Ed: Beyond buyer beware - making climate risk visible to all

Caveat emptor, Latin for “let the buyer beware,” is an idea that’s shaped how we buy property in New Zealand for generations. You did your homework, got a builder’s report, checked the LIM, and took your chances.

But in 2025, that idea feels outdated. And increasingly unfair.

Thirty years ago, few of us could have predicted the scale or frequency with which natural disasters are now unfolding. Unexpected weather events are growing more extreme, and their impacts more costly.

At Suncorp, I’ve seen how quickly climate risk shifts from theoretical to deeply personal. In 2023, too many families found out the hard way that they were exposed to flood danger, when water came through their floorboards and forced them to leave their homes.

Suncorp New Zealand Chief Executive Officer, Jimmy Higgins

The invisible risk behind every door

Unfortunately, people haven’t always had access to the kind of information they need to make truly informed decisions about where to live, build, or invest. In many cases, “let the buyer beware” was never a fair expectation - how could it be, when natural hazard risks were either unknown or buried in reports few could access or understand?

That’s starting to change.

Yesterday, the Independent Reference Group on Climate Adaptation (IRG) released its recommendations for developing a National Adaptation Framework - a coordinated, long-term plan for managing the physical impacts of climate change. I was proud to be part of this group, which brought together experts from across government, iwi, councils, insurers, banks, and communities. We were convened in response to a stark reality; natural disasters are becoming more frequent and far more devastating.  

One of our clearest findings? The information New Zealanders need to understand climate risk simply isn’t reaching them.

In my view, access to natural hazard data empowers people to protect their families, businesses, and future. If you knew that your current or future home could flood every few years or sits on unstable land that could be damaged in a severe weather event, you could act accordingly or choose differently. But you can't act on what you don’t know.

The Auckland Anniversary floods dumped a summer’s worth of rain in a single day. Cyclone Gabrielle followed, becoming the costliest weather event in our history. At Suncorp alone, we paid out $1.2 billion in claims last financial year - much of it relating to those two events. Just this weekend, Nelson-Tasman was devastated by another flood and places under a state of emergency.

And these storms won’t be the last.

Seeing the whole picture

If we want to avoid repeating these tragedies, we must make natural hazard data freely available. People deserve to know what they’re stepping into before they buy, before they build, and before they insure.

Right now, our system is fragmented. Councils, banks, insurers, and infrastructure providers are all working with different pieces of the puzzle. Creating a single, consistent source of truth will help to establish a market where Kiwis have the information they need.

One of the IRG’s core recommendations is to give everyone shared access to transparent, property-level data about hazards – including flooding, erosion, and landslips. The Group also encouraged better planning decisions by councils, improved coordination across government, and fairer sharing of the costs involved in adaptation and recovery.

And over time, I believe this approach will reshape our national relationship with property ownership.

Beyond buyer beware

Caveat emptor implies, “It’s your problem if something goes wrong.” But the truth is that major events scar our communities, put people’s lives at risk, and the recovery is long and hard. Let’s make high quality natural hazard data available, not just so the buyer can beware, but so communities can be better prepared, and more importantly we stop building in high-risk natural hazard areas.

This isn’t about sweeping change overnight. The IRG recommends a 20-year transition, giving time to improve hazard maps, support communities, and build public understanding. It’s a measured path forward, one that spreads the cost and avoids shocks.

Aotearoa now ranks as one of the most vulnerable countries in the world to natural hazards, relative to the size of our economy. We need to be honest about what’s ahead.

For many Kiwis, climate action began with trying to reduce emissions, banning plastic bags, or switching to paper straws. But six years after that ban and three years since the Auckland floods, we need to decide how we live with an inevitably changing environment. One that affects how we live, build, plan, and protect each other.

About Suncorp New Zealand 

Suncorp New Zealand is part of the Suncorp Group, a trans-Tasman insurance and financial services company. In New Zealand, Suncorp offers general insurance through Vero Insurance and through AA Insurance, a joint venture between Vero Insurance and the New Zealand Automobile Association.