The Insurance Council says New Zealand remains one of the countries in the world most vulnerable to natural disasters, and is calling on the Government to do more to address the risks.
The council has released 15 recommendations, including developing a national plan and listing all natural hazards on property LIM reports.
It says the measures will help keep insurance affordable.
Council's chief executive Tim Grafton said based on data going back to 1900 New Zealand can expect to face, on average, annual costs of $1.6 billion from natural disasters.
He said climate change will only increase the costs.