Natural Hazards Insurance Act 2023.

The Act aims to provide improved insurance cover and comprehensive and efficient insurance protection for natural disasters such as earthquakes, tsunamis, volcanic eruptions, and landslides. Through this Act the cap for residential property insurance has been raised, meaning that more damage is covered by government-backed insurance before private insurance kicks in. The Act explicitly includes additional natural hazards and clarifies coverage for residential land damage. It improves and streamlines the process for claimants, making it easier for homeowners to access compensation. The Act requires better public information about natural hazard risks and more transparent reporting on the insurance scheme’s performance. The text consists of 163 Articles divided into 6 Parts as follow: Preliminary provisions (1); Natural hazard cover (2); Claims (3); Natural hazard fund and levy (4); Administration and enforcement (5); and Miscellaneous provisions (6).