ARPC releases update to Premium Determination Report
28 February 2025
ARPC has released an addendum to its 2024 Premium Determination Report. The addendum outlines average cyclone pool premiums in various regions under both the previous (v2) and updated (v3) rates.
The addendum aims to provide clarity and assist policyholders in understanding the impact of the rate changes on average premiums. It highlights areas of exposure, average sums insured and provides an overview of the average premiums that policyholders in different areas are paying for coverage.
For example, the average Home Buildings cyclone pool premium for Townsville is $637 under the previous rates (v2), and this remains unchanged under the updated rates (v3).
The addendum shows there are minimal changes to average premium rates from the 1 October 2022 to 1 April 2025 premium rates. Minor differences are because of updates to the risk location of a small proportion of the properties insured as well as the addition of new properties insured. Additional discounts will also be provided to Strata properties that have undertaken eligible risk mitigation activities.
The addendum is now available in the 2024 Premium Determination report.
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