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Weather News – Federal government announces reinsurance pool to cover cyclone damage in Northern Australia

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Federal government announces reinsurance pool to cover cyclone damage in Northern Australia



by Nibir Khan,

Monday May 3, 2021 – 13:17 EST


The pool will cover cyclone and related flood damage (file photo).
– ABC


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…



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