IAG enters cyclone reinsurance pool

It aims to reduce insurance premiums for eligible policyholders in cyclone-prone areas.

Insurance Australia Group (IAG), an insurer in Australia and New Zealand, has joined the Federal Government's Cyclone Reinsurance Pool. 

The move is part of ongoing efforts to improve insurance affordability and availability in the face of severe weather risks. 

Administered by the Australian Reinsurance Pool Corporation (ARPC), the Pool aims to reduce insurance premiums for eligible policyholders in cyclone-prone areas of Queensland, the Northern Territory, and Western Australia. 

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IAG will pass on savings from the Pool to new customer policies and policy renewals for eligible Home, Commercial property (equal to or less than $5m), Residential Strata, and Landlord policies. 

IAG said it will also continue to advocate for further investment in disaster mitigation initiatives to reduce severe weather risk across the country.