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 will cover residential, strata and small business property insurance policies in Northern Australia.
A Treasury-led Taskforce consulted with industry and community representatives, as well as other interested stakeholders on the reinsurance pool.
The Government is now seeking stakeholder views on exposure draft legislation to establish the pool.
News and media
- Media release - Government releases exposure draft legislation on the reinsurance pool - 3 December 2021
- Media release – More affordable access to insurance for Northern Australians – 4 May 2021