Insurance Commissioner Regalado said insurers need to adjust underwriting, pricing, reserving and capital management to better reflect future climate-related risks.
The region added a record 513.3 GW last year, but supply-chain disruption, climate volatility and China's subsidy changes are reshaping how those projects get insured.
The initiative could redirect NZ$600-700m (US$360-420m) annually towards natural hazard risk reduction while shifting fire services funding to the Crown.
As mainland Southeast Asia braces for a potential return of El Niño in 2026–27, SEADRIF and the FAO have rolled out an index-triggered drought insurance pilot in Laos.
