New Zealand: National Hazards Insurance Act (2023)

This Act establishes the Natural Hazards Insurance Act 2023, which provides insurance against natural hazard damage for residential buildings and residential land in New Zealand. The Act’s purposes are to “reduce the impact of natural hazards on people, property, and the community” by providing first-loss insurance, contributing to improved natural hazard risk management, and contributing to improved readiness for, resilience to, and recovery from natural hazards. 

It also provides for the continued management of the Natural Hazard Fund, the collection of a levy, and arrangements for reinsurance and other risk transfer products. The legislation applies to natural hazard damage occurring on or after its commencement date and is administered by the Treasury.