The Australian Competition and Consumer Commission (ACCC) is Australia’s competition regulator and national consumer law champion. The agency promotes competition and fair trading to make markets work for everyone.
The ACCC has been directed by the government to monitor the industry. It will collect data to evaluate the impact of the Cyclone Reinsurance Pool (cyclone pool) and assess whether the savings from the reinsurance pool are being passed through to policyholders.
Insurers are required to participate in the cyclone pool to maximise premium savings.
Participation is mandatory for general insurers with eligible policies. Large insurers will be required to join the cyclone pool by 31 December 2023. Small insurers will have to join by 31 December 2024. All insurers are now able to voluntarily join the cyclone pool.
For more information on ACCC monitoring, see the ACCC Insurance monitoring page.