MP Warren Entsch welcomes insurers as they get on board with reinsurance pool
The much anticipated and scrutinised $10b Cyclone Reinsurance Pool is beginning to take further shape as insurers begin to dive in. See which insurers will be taking the plunge soon.
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The much anticipated and scrutinised $10b Cyclone Reinsurance Pool is beginning to take further shape as insurers begin to dive in.
Federal Member for Leichhardt Warren Entsch has welcomed the arrival of Sure Insurance as one of the first to sign into the pool and said that more were set to join soon.
Sure Insurance confirmed their participation in the government’s reinsurance pool beginning from January 1, 2023.
“I celebrate Sure’s decision, I think it is fantastic and they are one of the first ones to come on board,” said Mr Entsch.
“Sure is relatively new and they have a competitive edge in some areas of the market up in this region.
‘They clearly see there is an opportunity here, so I say thank you.”
Notably, Mr Entsch said Sure was one of the insurers that were more hesitant towards the pool during discussions, but their decision to participate was a sign insurers’ issues were being addressed in the design of the pool.
“When I organised that short and sharp inquiry in November last year Sure was the only one that did not attend,” he said.
“At that meeting we had about 80% of the insurers represented there, and they made it very clear they totally supported the pool.
“There were things that needed to be done as we anticipated would be the case and they are being worked on at the moment.”
Communications and engagement lead for Sure Insurance Mike Sopinski said Sure was committed to being part of a solution that can improve insurance coverage for those in the Far North.
“We have been able to introduce very impressive and competitive savings to Far North Queensland policy holders.”
“Sure and our product issuers that back us are very committed to being part of a solution that can deliver further affordability and savings to our policy holders to ensure we provide the best deal that we can.”
Mr Entsch also confirmed that other major insurers will be coming on board very soon with some committing once recommended adjustments have been made.
“Allianz committed to joining back in November and they are coming on board this month,” he said.
“The IAG group had said to us if we could sort through some of the recommendations they can be on board at the latest in May.”
Mr Entsch said that left the AAI group, which included insurers like Suncorp.
“Competition will drive this process and if they are seeing their competitors all getting onto this, they will too,” he said.
“We are starting to move in the right direction, so with their announcement I absolutely welcome Sure into the pool.”
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Originally published as MP Warren Entsch welcomes insurers as they get on board with reinsurance pool
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