Reinsurance Pool Bill Passes
Updated: Sep 22, 2022
At approximately 5pm Queensland time on Wednesday, 30 March 2022 the Senate passed the Treasury Laws Amendment (Cyclone and Flood Damage Reinsurance Pool) Bill 2022. Most of you will know this as the Northern Australia Reinsurance Pool. This means it is law and will commence on July 1, 2022 – what an incredible moment for strata in our state!
This is the result of a decade of advocacy from consecutive SCA (Qld) boards, staff and members on the ground in North Queensland. This program will hopefully improve affordability and availability of insurance for people living in strata to the underinsured, the uninsured and people choosing between insurance premiums and putting food on the table in North Queensland.
SCA (Qld) in conjunction with SCA National has fought to get this program right since it was announced almost 12 months ago. We had a significant win through consultation after the exposure draft was released, getting a further 6,000 strata properties included. This is a significant win and demonstrates just how much weight strata carries as an industry when we are united.
Congratulations to all involved, this is a watershed moment for our industry and will be part of a bigger and brighter future for our sector as a whole.
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The article provides a useful overview of how the reinsurance pool legislation could improve insurance affordability and availability for strata communities. I especially appreciated the context around years of industry advocacy and the inclusion of additional properties. I recently came across https://www.phonydiploma.com/ in a similar online discussion, which also highlighted how clear information can make complicated subjects easier to understand.
Finally! This has been such a long time coming for North Queensland strata owners. I remember reading about the consultation process and how SCA managed to get those extra 6,000 properties included—that really shows the power of sticking together as an industry. Speaking of numbers and details, I've been having fun tracking daily stats on krillion lately, which is a completely different kind of puzzle, but it scratches that same itch for understanding how things add up. Here's hoping this pool actually delivers the affordability relief people desperately need.
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