The risk to residential properties of flooding from New Zealand rivers could increase by almost half by 2050, according to analysis by reinsurance company Munich Re and property data company CoreLogic.
The research suggests that 11% of NZ's residential property by value is exposed to the risk of river flooding, but this could increase to 17% by 2050.
The analysis also suggested that some properties that have a relatively low risk of river flooding could be almost 10 times more likely to be flooded by 2050.
It found that about 5% of properties are currently exposed to the risk of river flooding in a once in 100 year event, meaning they have a 1% chance of being of being flooded in any given year.
But the analysis suggested their risk of being flooded could rise to 9% in any given year by 2050.
The report identified Otago properties as being particularly at risk from river flooding, with the region accounting for 5% of the country's total residential property value but 15% of the national river flood costs.
Other regions likely to face much greater risks of flooding by 2050 were Hawke's bay where the risk is estimated to increase by 33%, Manawatu-Whanganui +23% and Marlborough +21%.
"New Zealand will see an increase in both the frequency and severity of weather events due to climate change," Munich Re Australia Managing Director Scott Hawkins said.
"Weather-related disasters might in sum become as destructive to New Zealand as earthquakes.
"As the risk increases strongly for many regions, it is essential for communities, commercials and individuals to understand and manage their exposure to climate risk."
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