North Queensland Reinsurance Pool & Resilience Program Announced

The Federal Government has this week issued a release stating that more affordable and accessible insurance will be offered due to the establishment of a reinsurance pool by the Morrison Government. The reinsurance pool would cover cyclone and related flood damage in northern Australia from 1 July 2022, and would be backed by a $10 billion government guarantee.

The Government has also announced a plan to specifically reduce insurance costs for strata properties, by committing $40 million for the North Queensland Strata Title Resilience Pilot Program, to start in 2022.

This solution has been the recommendation of Archers and strata industry peak body Strata Community Association with biannual information seminars held since 2014. The seminars held at many North QLD venues have been supported by George Christensen in the Mackay/Townsville regions and Warren Entsch in the Far North.

If you are one of the more than 500,000 property owners in cyclone and flood-prone areas of Northern Australia, read on for the full media release and details of the upcoming information seminars being held in Townsville on 12 May and Cairns 13 May with SCA (QLD) President James Nickless presenting at both sessions.

For a copy of the full media release issued by the Prime Minister, Treasure and related Ministers click HERE.

STRATA COMMUNITY EDUCATION SEMINARS | MAY 2021

To secure your seat, select your preferred region below to register.

Townsville, 12 May 2021:
https://www.eventbrite.com.au/e/144156775797

Cairns, 13 May 2021:
https://www.eventbrite.com.au/e/144159056619

For those unable to attend in person, a recording will be available following the completion of the sessions.

This article was contributed by Nicky Lonergan, CEO – Archers the Strata Professionals.