A call for New Zealand to catch up with the rest of the world and regulate the insurance industry.

It comes as the Finance Minister raises concerns about the skyrocketing cost of home insurance, saying it has become too expensive for many Kiwis.

In April, Tower announced it would begin charging people more to insure houses in earthquake-prone areas like Wellington.

But insurance lawyer Andrew Hooker told Kate Hawkesby he is questioning the the reallocation of premiums and whether it's due to genuine risk, or just a money-grab exercise.

"We have had an industry, an insurance industry that by international standards is far too unregulated and far too much like the Wild West frankly."

LISTEN ABOVE AS ANDREW HOOKER SPEAKS WITH KATE HAWKESBY