Reinsurance Agreement

Insurers can voluntarily enter into a Reinsurance Agreement with ARPC from 1 July 2022 and will be expected to have done so by the end of the relevant transition periods.

Large insurers will have until 31 December 2023 to have all cyclone-risk policies in the pool. 

Small general insurers i.e., insurers whose total gross written premiums for household insurance are less than $300 million for the financial year before 31 December 2022, will be required to transfer their portfolio to ARPC by 31 December 2024. 

The Reinsurance Agreement is available for viewing here.