To date, the Australian Reinsurance Pool Corporation (ARPC) has received 9,399 cyclone claims, with a total incurred value of A$121m ($77.9m), according to released statistics. The cyclone pool, which ARPC operates, targets support to cyclone-prone areas.
ARPC operates, targets support to cyclone-prone areas.
Other findings the report included were:
- Coverage of more than 3.1m buildings against financial loss from cyclones with an aggregate exposure of just under $2.2tn
- Annual cyclone pool premiums of approximately A$546m for homes, A$53m for residential and some commercial properties and A$25m for small to medium enterprise properties
- Provision of A$6.9 million in annual mitigation discounts for home properties
The latest Cyclone Reinsurance Pool Statistics Report can be accessed here.