Australia to launch $7.7 billion reinsurance pool

The Australian government will launch a $10 billion Australian ($7.7 billion) reinsurance pool in July 2022 to cover damage in flood and cyclone-prone areas of northern Australia, ABC News reported. The government-backed pool is expected to reduce insurance premiums by more than $1.5 billion for small businesses, homeowners and strata north of the Tropic of Capricorn over a period of 10 years.

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