RAJ REPORT

Allianz calls for disaster reinsurance pool – ——-“Allianz remains of the view that a natural disaster reinsurance pool could be used to address the lack of affordability of home insurance premiums for those Australians facing high, weather-related insurance risks,” the submission says. “With appropriate government regulation, a natural disaster reinsurance pool could be established and operated by the insurance industry and funded by a modest levy on residential insurance policies, similar to the way the terrorism pool is funded by a modest levy on commercial property insurance policies.”

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It says mitigation and adaptation are important but are unlikely to provide a “comprehensive solution” on their own.

“Allianz remains of the view that a natural disaster reinsurance pool could be used to address the lack of affordability of home insurance premiums for those Australians facing high, weather-related insurance risks,” the submission says.

“With appropriate government regulation, a natural disaster reinsurance pool could be established and operated by the insurance industry and funded by a modest levy on residential insurance policies, similar to the way the terrorism pool is funded by a modest levy on commercial property insurance policies.”

Allianz made similar submissions to the Natural Disaster Insurance Review following the 2011 Queensland floods.

The review recommended a “flood risk reinsurance facility”, but the Government did not adopt it.

 

 

 

 

 

Allianz calls for disaster reinsurance pool – Regulatory & Government – Insurance News – insuranceNEWS.com.au.

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