Opening Statement to Supplementary Budget Estimates
16 February 2023
Opening Statement by Dr Christopher Wallace, Chief Executive, Australian Reinsurance Pool Corporation
Thank you Chair and Committee Members for the invitation to appear today. I wish to make brief remarks since my last appearance on 9 November 2022. As you know, ARPC administers the terrorism reinsurance pool and the new cyclone reinsurance pool.
I am pleased to inform the Committee that Allianz Australia has joined the cyclone reinsurance pool for their home insurance portfolio, and Sure Insurance have joined for their home insurance and strata insurance portfolios, with both insurers commencing from 1 January 2023.
We now have 19% of home insurance policies in northern Australia covered by the cyclone pool, covering 468,000 policies in Queensland, the Northern Territory and Western Australia. Consumers can now access the cyclone reinsurance pool through participating insurers.
We are in discussions with other insurers to transition to the cyclone pool and expect two major insurers to commence cover from 1 July 2023 and six by 31 December 2023.
We are ready to commence paying cyclone related claims and continue to work with insurers to make this an automated, efficient and effective scheme.
I am pleased to take Committee Members’ questions.
Dr Christopher Wallace ARPC CEO, or Alexander Drake Head of Public Affairs, on +61 2 8223 6777 or [email protected]