Building cladding risk may spur premium hikes

Posted On: Jun. 13, 2018 6:17 AM CST

Tim Grafton, chief executive of Insurance Council of New Zealand, said that local insurers could increase property cover premiums after hundreds of buildings in several cities were found to be at high fire risk, Radio NZ reported. The Auckland City Council found 116 buildings and the Wellington City Council identified 113 buildings with combustible claddings similar to those used in the Grenfell Tower in the United Kingdom, which was destroyed in a fire June 2017.