We all know the cost of insurance is going up, but we need to make sure that we all help in making sure that there is security in knowing that people will be paid out in a timely and fair manner. As we see storms and cyclones coming at us faster year on year, we also know that New Zealand has the world's second-highest natural disaster costs in the world as a proportion of GDP. Our natural hazards insurance scheme supports us to have one of the world's highest rates of residential property insurance, so it is extremely timely that this Natural Hazards Insurance Bill enters its first reading. It will modernise the Earthquake Commission Act 1993 and its associated natural hazards insurance scheme and governing Crown entity, the Earthquake Commission.