Northern Australia in line for A$10bn cyclone reinsurance backstop
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Northern Australia in line for A$10bn cyclone reinsurance backstop

Anna Sagar
04 May 2021
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Photo: Alamy

The Australian government is to establish an A$10bn ($7.7bn) reinsurance pool to cover cyclone and cyclone-related flood damage in the north of the country from July next year.

Prime Minister Scott Morrison said around 500,000 residential, strata and small business property insurance policies should be eligible for the pool, which will reduce insurance premiums in the region by over A$1.5bn

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