RBNZ governor Adrian Orr has fired a warning shot at the insurance sector, telling insurers they need to put more effort into managing the evolving risks facing the sector (such as climate change) and do better at risk pricing using the advances in data science and technology. "Now is the time for the insurance sector to review and improve their conduct and culture, and innovate in their business models," he said in a speech to the Insurance Council. "The insurance sector must use high-quality risk management capability to support their business decisions and risk-pricing."