General
Federal government announces reinsurance pool to cover cyclone damage in Northern Australia
A reinsurance pool to cover cyclone and related flood damage in Northern Australia will come into effect from July next year, the federal government has announced.
Key points:
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The program will be available for Australians living north of the Tropic of Capricorn
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In excess of 500,000 property insurance policies are expected to be eligible to receive cover
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The federal government has also pledged $40 million for the North Queensland Strata Title Resilience Pilot Program
The pool is backed by a $10 billion government guarantee and is aimed at reducing insurance premiums by over $1.5 billion for households, strata and small businesses over 10 years.
The program will be available for Australians living north of the Tropic of Capricorn.
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