An inquiry into the Cyclone Reinsurance Pool, a mechanism used by the Australian Government to influence insurance availability and affordability in cyclone-prone areas of northern Australia. The inquiry responds to concerns about the slow pace of implementation of the pool and whether it is reducing consumers' insurance premiums to the extent anticipated. 

Key recommendations

• Proceed with the planned legislated review of the Cyclone Reinsurance Pool in 2025.
• Publish modelling on the cost and benefits of the inclusion of marine insurance in the pool.
• Support an ongoing, national resilience program on a permanent basis.
• Consider a range of measures to improve resilience and mitigation of high-risk homes in Northern Australia, including targeted tax offsets and direct subsidies to eligible households in Northern Australia.
• The Australian Competition and Consumer Commission, in its insurance monitoring role, investigate the impact of
  current taxation methods on insurance premium pricing.
• Fund the Australian Competition and Consumer Commission to continue its insurance monitoring role until at least 2030.
• Fund and expand the remit of the Australian Competition and Consumer Commission to examine the extent to which insurers are reducing insurance premiums in response to mitigation and resilience measures.