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10/28/2024 | Press release | Distributed by Public on 10/27/2024 21:28

The cyclone pool operates Australia wide, but targets support to cyclone-prone areas and provides reinsurance for insurers operating in those areas.

Key findings from the report include that, as at 30 June 2024, the cyclone pool had:

Reached about 99 per cent cover of eligible risks (in terms of sum insured or premium), with the remainder to join the pool by the end of 2024.
Annual in-force cyclone pool premiums were approximately $520m for home policies, $52m for strata and $24m for small to medium enterprise (SME) policies.
The total discount from mitigation measures applied to in-force home premiums as at 30 June 2024 is $6.0m.

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