New Zealand has moved up the ranks as the second riskiest country in the world, just behind Bangladesh.
A review of 43 countries by the global insurer, Lloyd's of London, shows New Zealand has moved up one place since the first report was published in 2012, swapping with Chile for second and third place.
"This report shows how risky New Zealand really is," Insurance Council chief executive Tim Grafton said.
"Since the last report in 2012, we've seen the cost of the Canterbury earthquakes continue to rise, a second major earthquake striking Kaikōura and Wellington and a major flood in Edgecumbe."
The report also found New Zealand had the fourth highest rate of insurance penetration globally, dropping from third place in 2012.
"It's important to note that although we have relatively high insurance penetration rates, that doesn't mean all our assets are adequately insured," Mr Grafton said.
"It's possible that people are under-estimating the cost to replace their assets, which could leave them vulnerable should another major disaster strike."
The council said people should review their current cover to ensure it was fit for purpose in the event of a total loss.