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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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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.

Australia , Australians , Australian , Sam-mcmahon , David-littleproud , Josh-frydenberg , Michelle-landry , Keith-pitt , Warren-entsch , Scott-morrison , Michael-sukkar , Phil-thompson

$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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