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More insurers sign on: an update on the Reinsurance Pool

As you know, I've committed to keeping the community updated on the progress of the Reinsurance Pool, which gives insurers the government's backing to access cheaper reinsurance, and put downward pressure on the premiums you pay. Suncorp and RACQ are the latest major insurers to have now joined the Pool. With a variety of providers now able to purchase cheaper reinsurance from the government, they are set to make a difference to those living in cyclone-impacted areas like Townsville. This is a positive step in the right direction to provide much-needed insurance relief in our community. However, at the same time, the current economic environment is limiting the Pool's impact, with inflation leading to high reconstruction costs, which of course pushes up risk. But it's not good enough that the Pool isn’t delivering better results. Only last week on 7News Townsville the Labor Minister responsible for the Reinsurance Pool, Assistant Treasurer Stephen Jones, said that householders should see a saving of around 13% on average. While there have been many success stories, I know that for some people that hasn't been anywhere close to the reality. I'll be meeting with the Chair of the Australian Competition and Consumer Commission (ACCC) in Townsville in the coming weeks. The ACCC's job is to ensure savings from the Pool are being passed on to consumers. Many of you have shared your experiences which I will be sure to raise with the Chair. I won't stop working to ensure the people of Townsville get the best deal possible from the Pool.

Insurers accessing the Reinsurance Pool:

  • AAI Limited

  • Allianz

  • Hollard

  • QBE

  • RACQ

  • Suncorp

  • Sure Insurance

  • Youi

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