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Member, Beacon International Group, Ltd.
Australia's federal government is evaluating options to reduce insurance premiums in cyclone-prone areas in northern Australia, The Guardian reported.
The government plans to ask a new taskforce to examine ways to alleviate premiums in the country's northern regions, said Josh Frydenberg, Australia's assistant treasurer. "The taskforce will examine whether the government could provide support to a reinsurance pool or a mutual insurer that provides cyclone-specific cover," Mr. Frydenberg said.