Wedd Catherine; Tuiono TeanauCATHERINE WEDD (National—Tukituki): Look I rise as a very big supporter of this bill the Contracts of Insurance Bill. I just want to take this moment—and this is one of the reasons I am a very very big supporter—because I just want to remember 14 February 2023: the moment that 11 lives were lost and thousands of lives were changed forever as Cyclone Gabrielle devastated the East Coast region destroying livelihoods homes and businesses and many many properties. Cyclone Gabrielle and the Auckland Anniversary weather events were the two largest insurance events in New Zealand's history. The most recent statistics from the Insurance Council show 117414 claims have been made with a value of $3.75 billion. Cyclone Gabrielle claims have totalled $1.79 billion to date. So insurance is an extremely relevant and concerning issue for the people of Hawke's Bay and families across the East Coast.Just last week I was given a briefing on the category 3 buy-out process. I just want to acknowledge those 167 families and people who are currently going through the category 3 process with the Hastings District Council leaving uninsurable land behind. This is an incredibly distressful time. I also want to acknowledge those in category 2 where some families are unable to move on and are still waiting for clarity and in some cases insurance payouts. We are still dealing with this on a daily basis. Many constituents have contacted me with insurance concerns.The Contracts of Insurance Bill is set to change our outdated insurance laws consolidating them into a single modern framework that aligns with international standards. Those standards would have helped many people following Cyclone Gabrielle. Under the new bill insurance policies will be required to be written and presented clearly. I know first hand that in times of crisis we need to keep things simple and practical. People don't need the extra stress of insurance—what's covered and what's not. This change means that during events like Cyclone Gabrielle you would have been able to understand and access your coverage more easily and efficiently ensuring people are properly informed of what is and what isn't covered.Another key feature of the bill is the requirement for insurers to pay any sums due within a reasonable time. Now this really is a key change because when disaster hits and you lose your home or your business you want to be able to get some certainty and clear timelines around insurance. It's emotional enough without having to deal with financial stress and uncertainty. People want to be able to move on with their lives and if we can get some more clarity and a better framework around insurance this is going to help hugely.After the cyclone I was talking to people who struggled with their claims and some had their claims denied because they unintentionally hadn't provided the necessary information to the insurers. This new bill will change this and it will shift the responsibility towards insurers to ask clear and specific questions. This change aims to stop unfair denial of claims and ensure people receive the support they need. By fostering a more robust insurance market this bill will not only protect consumers and the people who suffer loss but it will also provide insurers with the certainty they need to offer comprehensive and affordable coverage. As my member over here said it's a two-way street; the balance is crucial for rebuilding and reinforcing the resilience of our community against future disasters. This bill will bring immediate benefits and set a precedent for how we handle natural disasters moving forward. It's about ensuring fairness transparency and efficiency in our insurance systems. As we need to adapt to climate change and the reality of more events happening like these we need to ensure we have a modern robust insurance framework. Therefore I commend this bill to the House.Motion agreed to.Bill read a first time.ASSISTANT SPEAKER (Teanau Tuiono): The question is That the Contracts of Insurance Bill be considered by the Finance and Expenditure Committee.Motion agreed to.Bill referred to the Finance and Expenditure Committee.