Allianz Australia joins cyclone reinsurance pool
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Insurer Allianz Australia Ltd. is joining the Australian government-backed cyclone reinsurance pool and will transition its residential and small business property portfolios into the program by the start of January 2023, Asia Insurance Review reports citing Insurance News. An analysis by Allianz shows that average premiums to be offered to existing customers exposed to cyclone and related flooding risk will be around 6% lower than premiums that would have been offered if it had not joined the pool.
