Mornings With John Mackenzie

More than 880,000 residential, strata and small business property insurance policies across Northern Australia are expected to be covered for the risk of cyclone and related flood damage through the establishment of the reinsurance pool. The reinsurance pool will be backed by a $10 billion annually reinstated Commonwealth Government guarantee and will be administered by the Australian Reinsurance Pool Corporation. The reinsurance pool will come into effect from July 1, 2022. Far North Queensland homeowners are expected to see premium discounts of up to 46 per cent, strata properties up to a 58 per cent and small and medium-sized business up to a 34 per cent. Coverage for small business marine property insurance policies will be further developed and included from July 1, 2023. Federal Leichhardt MP Warren Entsch said by passing this critical legislation he had delivered on his promise to ensure Far North Queenslanders had access affordable insurance. He said the scheme would be reviewed annually and any