Australia and New Zealand will establish a government and industry working group to share information and collaborate on ways to ensure insurance remains accessible.

New Zealand Climate Change Minister Simon Watts says it is important citizens have cover to deal with global warming impacts.

“There is a real opportunity for us to continue to work and strengthen the relationships in terms of the way in which those markets operate between our two countries,” he told reporters after a meeting of climate and finance ministers in Auckland on Friday.

The Australia-New Zealand 2+2 climate and finance dialogue was first held two years ago to consider ways to accelerate and increase resilience.

On Friday, ministers discussed the importance of co-ordinating economic reforms, targeting lower business costs, reducing regulatory burdens and lifting productivity.

“Ministers committed to explore how both countries could better co-operate on domestic adaptation challenges and collaborate on innovative solutions, including in insurance, to boost regional climate resilience, including through regional knowledge exchanges,” a statement said.

Climate pressures are reshaping the environment in which Australia and New Zealand operate, with increasing impacts on supply chains, infrastructure and regional economies, the statement says.