RACQ has joined the Cyclone Reinsurance Pool on 1 July 2023
What is the Cyclone Reinsurance Pool?
The Australian government is funding a scheme to help lower the cost of insurance, especially in northern Queensland where cyclones are common.
This scheme is called the Cyclone Reinsurance Pool. The goal of the cyclone pool is to make the cost of insurance more affordable for homes and small businesses that have a high or medium risk of being affected by cyclones and cyclone-related flooding. The cyclone pool does this by reducing the cost of reinsurance, which is like insurance for insurance companies.
How does it affect my insurance?
The cost of reinsurance is a significant component of the insurance premiums paid by RACQ members for their policies. Under the Cyclone Reinsurance Pool initiative, the government will provide cost effective reinsurance to insurance companies for their cyclone and cyclone-related flood risk during the cyclone and for the first 48 hours after. The benefits from the cheaper reinsurance will then be passed onto members in their premium.
FAQs
Things to note
Insurance Products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQI) and arranged by its agent, RACQ Distribution Services Pty Ltd (RDS) ABN 35 116 361 650, AFSL 567130 and RDS' authorised representatives (including RACQ Operations Pty Ltd ABN 80 009 663 414, AR No. 234978 (RACQO). Conditions, limits and exclusions apply. RDS and RACQO are in the RACQ group of companies. One of the companies in the RACQ group of companies has a minority shareholding in RACQI.
RDS and RACQO have not taken your personal objectives, circumstances or needs into account when preparing advice regarding insurance products and you will need to consider whether the advice is appropriate for you. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website. RDS receives a commission from RACQI for the policies it arranges. RACQO receives fees paid for services it provides to RDS. Further details about remuneration are available on request prior to purchasing.