Understanding the Natural Hazards Insurance Act 2023 in New Zealand

The implementation of the Natural Hazards Insurance Act 2023 is a notable development in residential insurance in New Zealand. From 1 July 2024, the Earthquake Commission will become known by its new name, Natural Hazards Commission Toka Tū Ake.

The amendments made to the Act have enhanced the process of natural hazard insurance claims and repairs. It outlines the procedure for assessing insurance claims and repairs for mixed-use premises. Moreover, the Act has simplified the calculation of the excess for retaining walls, culverts, and bridges. Additionally, the Act has raised awareness about insurance cover against earthquake, tsunami, volcano, geothermal, and landslide risk.

At FundaGroup, we strive to assist our clients by offering them Fire & General Insurance Brokerage services. This will enable you to understand the latest changes in the insurance industry.