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Budget invests in jobs and growth for Australia's north

Joint media release with Minister for Resources, Water and Northern Australia Keith Pitt The Coalition Government is injecting over $1.42 billion...

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$10bn government guarantee to counter cyclone costs

$10bn government guarantee to counter cyclone costs
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The federal government has stepped in to give a leg-up to home owners, businesses and strata properties who are paying an arm and a leg for appropriate cyclone insurance in Northern Australia.
A joint statement from Prime Minister Scott Morrison, Treasurer Josh Frydenberg, Minister for Emergency Management David Littleproud and Minister for Northern Australia Keith Pitt revealed the reinsurance pool, which will cover cyclone and related flood damage in Northern Australia from 1 July 2022.
The new initiative, which looks to support households, strata and small businesses, is backed by a $10 billion government guarantee, which will aid in reducing insurance premiums across the region by more than $1.5 billion.

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Government introduces $10bn reinsurance pool for Northern Australians

Government introduces $10bn reinsurance pool for Northern Australians
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More affordable access to insurance for Northern Australians | Prime Minister of Australia

More affordable access to insurance for Northern Australians
Media release
04 May 2021
Prime Minister, Treasurer, Minister for Agriculture, Minister for Agriculture, Drought and Emergency Management, Minister for Resources, Minister for Resources, Water and Northern Australia, Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing
Northern Australian residents would be offered more affordable and accessible home and business insurance, thanks to the establishment of a reinsurance pool by the Morrison Government.
The reinsurance pool would cover cyclone and related flood damage in northern Australia from 1 July 2022, and would be backed by a $10 billion government guarantee.
This would reduce insurance premiums across Northern Australia by over $1.5 billion for households, strata and small businesses over 10 years.

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Australia's insurance industry praises a new $10 billion government fund to boost coverage in cyclone-prone regions

Australia’s insurance industry praises a new $10 billion government fund to boost coverage in cyclone-prone regions
David Adams
Yvonne McKenzie/Getty Images
The Federal Government's announcement of a $10 billion reinsurance scheme for northern Australia has been praised by a peak insurance industry body.
The reinsurance pool, and a $40 million resiliency project, are intended to drive down insurance premiums and improve coverage in cyclone-prone regions.
Insurance Council of Australia CEO Andrew Hall said the fund represents a "significant commitment" to the the "shared goal of improving the affordability and availability".
Visit Business Insider Australia’s homepage for more stories.
Australia's peak insurance industry body has praised the Federal Government's announcement of a $10 billion reinsurance fund, designed to improve policy affordability and coverage in cyclone-prone regions.

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IAG welcomes Commonwealth Government reinsurance pool for northern Australia

Date Time
IAG welcomes Commonwealth Government reinsurance pool for northern Australia
IAG, Australia’s largest general insurer, today welcomed the Commonwealth Government’s announcement of a $10 billion reinsurance pool for cyclone and cyclone-related flood risk in northern Australia, as an important step in helping to ensure the availability and affordability of insurance for communities across that region.
The Government reinsurance pool will cover the cyclone and associated flood risk in home, strata and small business insurance policies.
Importantly, the Government will also provide $40 million for the North Queensland Strata Title Resilience Pilot Program to subsidise the cost of cyclone risk mitigation works for strata properties in north Queensland.

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More affordable access to insurance for northern Australians

Date Time
More affordable access to insurance for northern Australians
Joint media release with the Prime Minister, Treasurer Josh Frydenberg, Minister for Agriculture, Drought and Emergency Management David Littleproud, and Assistant Treasurer Michael Sukkar
Northern Australian residents would be offered more affordable and accessible home and business insurance, thanks to the establishment of a reinsurance pool by the Morrison Government.
The reinsurance pool would cover cyclone and related flood damage in northern Australia from 1 July 2022, and would be backed by a $10 billion government guarantee.
This would reduce insurance premiums across Northern Australia by over $1.5 billion for households, strata and small businesses over 10 years.

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$10bn guarantee for cheaper home and business insurance

“We believe in the future of Northern Australia. This means we need to take further action to boost the resilience for Australians to live and work in Northern Australia,” Mr Morrison said.
“Homeowners and businesses have been faced with crippling insurance costs, and in some cases, can’t get insurance at all. It’s not OK, and we’re going to change that.
The average strata premium was $6800 in North Queensland, twice the Australian average of $3300.
“Our plan will give more Australians in cyclone-prone areas access to affordable insurance.”
The report, handed down in January 2021, revealed Northern Australians were being slugged with premiums twice the national average.

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