Budget includes several disaster aid and resilience measures, including NZ$28m (US$17.2m) for temporary housing for households impacted by Cyclone Gabrielle and the Auckland Flood.
The Contracts of Insurance Bill, which aims to shift disclosure responsibilities to insurers and prevent unfair claim denials, passes its first reading in Parliament.
In the first quarter of 2024, commercial insurance rates in the Pacific region fell by 2%, while financial and professional lines declined for the fourth consecutive quarter.
