21 May 2021
The Treasury has commenced a Cyclone Reinsurance Pool Taskforce to consult with industry and community representatives, as well as other interested stakeholders, and develop a final design for the reinsurance pool. 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, to be administered by ARPC, would cover residential, strata and small business property insurance policies in cyclone prone areas, mainly located in Northern Australia.
The Taskforce has today released a detailed consultation paper on its webpage. ARPC encourages stakeholders to register on the Taskforce webpage for updates, and encourages stakeholders to participate in the consultation process. You can submit responses to this consultation up until 18 June 2021.
Click here to register: https://treasury.gov.au/review/cyclone-reinsurance-pool-taskforce
The contact at Treasury for questions about the Cyclone Reinsurance Pool Taskforce is [email protected], and questions to ARPC can be made to [email protected].