Federal government announces reinsurance pool to cover cyclone damage in Northern Australia
by Nibir Khan,
Monday May 3, 2021 – 13:17 EST
The pool willÂ cover cyclone and related flood damage (file photo).
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.
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…