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.