Update on the new financial year for the cyclone pool
06 July 2023
With the new financial year commencing 1 July 2023, Australian Reinsurance Pool Corporation (ARPC) advises additional insurer customers are joining the cyclone pool, and have started transferring their home, strata, and SME reinsurance cover to the cyclone pool.
The list of insurers covered by the cyclone pool is found at https://arpc.gov.au/reinsurance-pools/cyclone/cyclone-pool-insurer-customer-listing/ and the list is kept up to date.
The proportion of Australian home insurance policies that will be covered by the cyclone pool by the following dates are expected to be:
- From 1 July 2023 – 65% of home insurance policies
- From 1 November 2023- 95% of home insurance policies, which is the commencement of the 2023-24 cyclone season
It is mandatory for general insurers that wish to write home, strata and SME insurance in northern Australia to come under the cyclone pool. Large insurers have until 31 December 2023 to transition across, with remaining insurers due by 31 December 2024.
For more information please contact: Dr Christopher Wallace, ARPC Chief Executive Officer P: 61 2 8223 6777. E: [email protected]