Jamie Cleine examines a new IAG report and argues New Zealand must shift from paying to rebuild after disasters to funding risk reduction before they occur. Using West Coast and Tasman examples, he questions why councils and local ratepayers carry the heaviest burden while insurers and banks—major beneficiaries—contribute little.

Cleine proposes a national natural hazard risk reduction fund, supported by a modest levy on insurers and banks, to co-fund flood protection, infrastructure strengthening and community resilience. He says investing now reduces future claims and premiums, protects insurability, and is more economical for everyone.