The initiative could redirect NZ$600-700m (US$360-420m) annually towards natural hazard risk reduction while shifting fire services funding to the Crown.
China's insurers have paid or advanced 210m yuan (US$29m) to policyholders as the NFRA orders fast-track claims handling following floods and landslides across six regions.
The new facility will provide property damage and business interruption cover for both nuclear-critical and conventional risks, from construction to operation.
