ARPC welcomes the Australian Government’s release of draft legislation and supporting regulations for the Cyclone Reinsurance Pool covering cyclones and cyclone-related flood damage.
The Government has released a draft bill and explanatory memorandum, together with regulations and an explanatory statement, and a factsheet.
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, will cover residential, strata and small business property insurance policies in cyclone prone areas, mainly located in Northern Australia.
Following the May announcement, the Treasury commenced a Cyclone Reinsurance Pool Taskforce to consult with industry and community representatives, as well as other interested stakeholders, to develop a final design for the reinsurance pool.
- The Government media release can be viewed here
- Copies of the draft bill and regulations, and information on how to make a submission, can be viewed here
For ARPC-related media inquiries, please contact ARPC CEO Dr Christopher Wallace or ARPC Head of Public Affairs Alexander Drake, on (02) 8223-6777 or [email protected].