December 19th, 2018

Report: New Zealand’s Agriculture Lacking Risk Mitigation Measures

Posted at 1:00 AM ET

14shades_thumbnailNew Zealand’s vulnerability to climate-related risks such as extreme weather events is rising due to rapid urbanization and an increase in the frequency and severity of these events, according to the recent report 14 Shades of Risk In Asia-Pacific: Evolving Risk Concerns in Asia-Pacific by Marsh & McLennan Companies’ Asia-Pacific Risk Center.

Key sectors of New Zealand’s economy, such as agriculture, forestry, fishing as well as tourism all depend heavily on the country’s climate-sensitive, natural resources. Failure to manage the associated risks effectively could lead to massive economic and noneconomic losses. Agriculture, one of the biggest sectors in New Zealand’s tradable economy, is particularly lacking in important risk mitigation measures, most notably insurance. This lack of insurance protection against weather events has been partly caused by the unavailability of subsidized insurance schemes from the government.

The report 14 Shades of Risks: Navigating the Risk Landscape in Asia-Pacific, produced by Guy Carpenter’s parent company, is an extension of the report From Threats to Impact: Evolving Risk Concerns in Asia Pacific.

Download 14 Shades of Risk in Asia-Pacific: Evolving Risk Concerns in Asia Pacific >>

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