Australia: Another insurer joins the cyclone insurance pool.


The Sure Insurance brand has joined the Cyclone Reinsurance Pool (cyclone pool) as a customer as of January 1, 2023, according to the Australian Reinsurance Pool Corporation (ARPC). Their product issuers are Liberty Mutual Insurance Company, Australia Branch, trading as Liberty Specialty Markets, and Pacific International Insurance.


Liberty Mutual Insurance Company, Australia Branch, trading as Liberty Specialty Markets, and Pacific International Insurance are their product issuers. Sure Insurance is a managing general agency that underwrites policies on their behalf.

According to insuranceNEWScom.au, Sure is a member of the pool for household and residential strata insurance. Allianz is another insurer in the pool. It joined on January 1st, but only for home insurance.


A reinsurance arrangement between ARPC and insurer customers is the cyclone pool. Policies for household, strata, and small business property insurance are covered by the cyclone pool. The cyclone pool was put into use by ARPC on July 1, 2022. The cyclone pool operates throughout Australia but focuses on providing assistance to areas that are susceptible to cyclones and reinsurance to insurers operating in those areas.


The purpose of the cyclone pool is to lower insurance premiums for households, small businesses, and residential and commercial strata with moderate to high cyclone and flood damage risk.


The Australian Reinsurance Pool Corporation oversees the pool, which is backed by a government guarantee of A$10 billion (7 billion).

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