New data from the Australian Reinsurance Pool Corporation (ARPC) showed that a total of 9,399 claims were made across six cyclones from 2022 to 2024, amounting to A$121m (US$77.69m).
The majority (93%) of the claims were related to residential homes and contents cover due to Tropical Cyclone Jasper and Tropical Cyclone Kirrily in 2024. In September last year, the pool’s loss ratio stood at approximately 30%, with the two cyclones accounting for A$83m and A$94m, respectively.
The figures exclude claims from Ex-Tropical Cyclone Alfred, which struck on 8 March 2025, with the ARPC estimating approximately A$1.71 billion in claims to be paid out under the cyclone pool for this event.
The total annual cyclone pool premiums also reached A$624m (US$400.7m). Of this amount, home premiums contributed A$546m (US$350.62m), A$53.24m (US$34.18m) from strata, and A$24.64m (US$15.82m) from small and medium business properties.
In minimising cyclone risks for home insurance, the pool has provided a total of A$6.9m in discounts to in-force premiums. This includes a 30% deduction for complete roof replacement and structure tie-down upgrades for homes built before 1982; 20% for roof structure tie-down upgrades; 10% for window protection; and 8% for retrofitting of roller doors.
ARPC earlier reported that the Cyclone Reinsurance Pool has reduced insurance premiums by 39% for cyclone-prone areas. Still, data from the agency indicated that the Far North Queensland region saw the highest average buildings excesses at A$1,953 (US$1,254). Policy excesses for strata, contents, and business interruptions were also higher in this area, along with northern WA and the Northern Territory.
To help offset these elevated risks and costs in cyclone-prone regions, Queensland has enforced a Household Resilience Programme, offering a maximum of A$15,000 in improvements for houses situated within 50 kilometres of the coastline from Bundaberg, north to Cape York, and west to the Northern border.
