It's really important to note that, at the heart of this bill, the Natural Hazards Insurance Bill, is collectivism. Whilst the insurance market works well most of the time for most of the people, the fact is that in some cases it fails. It fails when the catastrophe is so large that the balance sheet of even the largest insurer can't manage it, such as AMI showed us, and Western Pacific, and Ansvar—all failed insurance companies after Canterbury. The insurance market also fails when it simply refuses to insure on commercial terms because their actuary tells them that it's not economic to underwrite those risks. But here in New Zealand, we think that the insurance of homes is too important to leave to the market alone. 