Coronavirus (COVID-19) updates from the Australian Government

Reinsurance pool for cyclones and related flood damage

This consultation process has now been completed.
Date
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Consultation Type
Consultation Paper

Key Documents

On 4 May 2021, the Government announced its intention to establish a reinsurance pool for cyclones and related flood damage, to commence from 1 July 2022 and be backed by a $10 billion Government guarantee. The pool would cover residential, strata and small business property insurance policies in Northern Australia.

A Treasury-led Taskforce is consulting with industry and community representatives, as well as other interested stakeholders, to develop a final design for the reinsurance pool.

The purpose of this consultation paper is to seek comments on key design features of a reinsurance pool for cyclones and related flood damage, which would aim to improve the accessibility and affordability of insurance in cyclone-prone areas.

 

Submissions

No submissions are currently available.