Reinsurance Pool for Northern Australians?

Published on: May 26, 2021

If you have failed to watch our CEO Annette Neil's last week's e-news regarding the Reinsurance pool, then feel free to read this article.

IN CASE YOU MISSED LAST WEEKS NEWS.
A reinsurance pool has been authenticated to give Mackay Isaac Whitsunday residents access to affordable business insurance.
This established reinsurance pool will help Northern Australia from July 1, 2022, for any cyclone and related flood damage.
All of these are backed by a $10bn guarantee.

This move aims to reduce insurance premiums across Northern Australia by more than $1.5bn over ten years. More than 500,000 households, strata, and small businesses are eligible to access the reinsurance pool.

According to Whitsunday Times, This announcement comes five months after the Australian Competition and Consumer Commission's final report following a three-year probe into high insurance costs for Northern Australians was made public.

This fund allotment is that Northern Australians were being slugged with premiums twice the national average.

Dawson MP George Christensen believed that a reinsurance pool, collected through a nationwide levy, would help offset insurance companies' costs and lower premiums in the north.

If you want to learn more about this Whitsunday news, feel free to read the article here. https://www.couriermail.com.au/news/queensland/mackay/federal-government-established-reinsurance-pool-for-cheaper-home-and-business-insurance-for-northern-australians/news-story/f75378aea990c6408e5aa1ddb62f4c62

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