Climate change is fuelling a significant increase in insurance premiums, with experts wondering who should cover the costs.

There's been an elevation in insurance costs for at-risk properties following worsening floods and natural disasters - and a new analysis suggests we'll soon need a better public backstop.

WSP Fellow and Helen Clark Foundation deputy director Kali Mercier says some people's insurance costs have doubled over the last year - and many people are feeling the pinch.

"Consumer New Zealand surveys have shown it's one of the top three economic concerns in families at the moment, insurance prices. So it's already a problem."

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