Media release

Vero’s weather-related claims surge, passing $184 million as insurer calls for national climate action

30 October 2026

Vero Insurance has released its FY26 Climate Statement for the year to 30 June 2026, revealing that weather-related natural hazard claims cost $184.6 million over the past year, reflecting a significant increase in weather-related claims in FY26. The figure marks a sharp rise from FY25, when weather-related claims totalled $70.6 million.

Vero warns the trend is set to continue, with climate change projected to push up natural hazard claims costs for weather-related events by between 12 and 15% by 2040 and 21 to 27% by 2050.

“Our report clearly shows that addressing climate-related risks will be essential to managing the cost of claims, reinsurance and maintaining affordable and accessible insurance cover in the coming decades,” said Tom Hinds, Executive Officer, Suncorp. “We are taking action across our business to build resilience and we're continuing to adapt our products and services to support this transition, but long-term protection will require a coordinated national approach.”

Suncorp CEO Jimmy Higgins contributed to New Zealand's first National Adaptation Framework in 2025 as a member of the Ministry for the Environment's Independent Reference Group on Climate Adaptation. Vero has also published a paper to help local councils understand how insurance may respond to local adaptation measures, while Suncorp has released guidance to help New Zealanders make better decisions about natural hazard risk when buying a home.

Alongside its claims findings, Vero’s climate statement highlights the company’s progress on its own sustainability goals. The insurer has cut its absolute Scope 1 and 2 emissions by 63.5% against its FY20 baseline, and since 1 July 2025, all of its operational electricity has come from renewable sources. FY26 also marks the first year Vero has reported on the emissions of its corporate bond investments, which make up 54% of its total investment assets.

The share of electric and hybrid vehicles in Vero's consumer motor portfolio also grew, rising to 14.2% in FY26 from 11.3% the previous year.

"We're making steady progress in this space and it's encouraging to see continued steps in the right direction," Hinds said. "As we progress on our own sustainability journey, we're committed to working alongside our partners and customers to deliver insurance solutions that support their adoption of lower-emission practices."

"Building long-term resilience requires embedding climate insight directly into how we manage risk every day," added Hinds. "We’re working hard to make sure we’re there to help our customers recover after disaster strikes, but to keep insurance affordable and accessible in New Zealand over the long-term requires coordinated investment in climate adaptation and resilient infrastructure.”

Vero’s full FY26 Climate Statement is available for download here.

About Vero New Zealand:

Vero is one of New Zealand's leading general insurers, with a history of protecting and supporting Kiwis spanning over 100 years. Distributed through a trusted network of brokers, advisers, and corporate partners, Vero offers a range of personal and commercial insurance solutions. For more information, visit www.vero.co.nz.