March 2023
© Commonwealth of Australia 2023
ISBN: 978-1-76093-476-7
View the report as a single document:
View the report as separate downloadable parts:
Chapter 1 - Introduction
- Conduct of the inquiry
- Acknowledgements
- Previous inquiries
Chapter 2 - Problem and current situation
- The problems caused by high insurance premiums in Northern Australia
- Historical data on cyclones and projections for future cyclone activity
- Key information about the pool
- Relevant legislation
- Monitoring and regulation of general insurers
Chapter 3 - Issues raised about the operation and implementation of the pool
- Reasons why insurers have not yet joined the pool
- Anticipated impact on premium costs
- Proposals to increase savings for consumers
- Budget neutrality
- Length of 48-hour period of coverage after downgrading of a cyclone
- Incentives for insurers to provide coverage in the Northern Australia market
- Marine insurance
- Impact of climate change on the operation of the pool
- Differences across states and territories
- Concerns raised about the role of the ACCC
- Other issues raised
Chapter 4 - Committee view and steps forward
- Reasons why insurers have not joined the pool
- Community expectations
- Budget neutrality
- Length of 48-hour damage period
- Thin markets and benefits for insurers to join the pool
- Marine insurance
- Mitigation and other initiatives
- Stamp duty and GST
- The ACCC’s role
- Business property policy—sum insured
- Additional issues raised during the inquiry
- Climate change
- Final comments