Australian Reinsurance Pool Corporation (ARPC) has announced that effective 1 January 2023, the Sure Insurance brand has joined the Cyclone Reinsurance Pool (cyclone pool) as an insurer customer through their product issuers Liberty Mutual Insurance Company, Australia Branch, trading as Liberty Specialty Markets, and Pacific International Insurance.
Sure Insurance is a managing general agency underwriting policies on behalf of their product issuers Liberty Mutual Insurance Company, Australia Branch, trading as Liberty Specialty Markets, and Pacific International Insurance.
Sure is participating in the pool for household and residential strata insurance, reported insuranceNEWScom.au. Another insurer in the pool is Allianz which joined on 1 January this year as well but for home insurance only.
The cyclone pool is a reinsurance arrangement between insurer customers and ARPC. The cyclone pool covers household, strata, and small business property insurance policies. ARPC commenced operating the cyclone pool from 1 July 2022. The cyclone pool operates Australia-wide, but targets support to cyclone-prone areas, and provides reinsurance for insurers operating in those areas.
The cyclone pool has been designed to reduce insurance premiums for households, small businesses, and residential and commercial strata, with medium-and-high cyclone and related flood damage risk.
The pool is backed by a A$10bn ($7b) government guarantee and managed by Australian Reinsurance Pool Corporation.
Source: asiainsurancereview.com