Cyclone Reinsurance Pool Statistics Report December 2024
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 latest quarterly report include that, as at 31 December 2024, the cyclone pool:
- covers over 3.1 million buildings against financial loss from cyclones with an aggregate building exposure of just under $2.23 trillion.
- has annual in-force cyclone pool premiums of approximately $546 million for Home properties, $53 million for Strata and $25 million for Small to Medium Enterprise (SME) properties.
- provides annual discounts for Home properties for property level mitigation activities of $6.9 million.
- notes that the average excess for home building policies are highest in Far North Queensland with the average home excess reaching $1,953. Southern Western Australia has the lowest average excesses across both home buildings and contents.
- has received 9,399 cyclone claims to date with a total incurred value of $121 million.
This report has been updated with two new sections, including:
- average policy excess trends over the last two years (by region, class of business and inception quarter) in Section 5
- a summary table in Section 6 for claims received by ARPC per cyclone event.
ARPC publishes statistics reports aimed at enhancing community understanding of the impact of both the Cyclone and Terrorism Reinsurance Pools.
The latest reports can be found below.
