The savings made from the pool will be used for new customer policies and renewal of policies. Credit: Bilanol/Shutterstock.com.

General insurer Insurance Australia Group (IAG) has become part of the Cyclone Reinsurance Pool established by the federal government.

Managed by the Australian Reinsurance Pool Corporation, the pool intends to cut down insurance premiums for qualified policyholders in regions susceptible to cyclones, comprising Queensland, the Northern Territory and Western Australia.

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The savings made from the pool will be used for new customer policies and renewal of policies for qualified residential strata, home, landlord and commercial property policies. 

Factors such as exposure of the property to extreme weather risks, claims prices and the impact of inflation on IAG’s supply chain, as well as taxes and levies, will impact the premium of a client.

IAG said it will also continue to support the importance of more funds in disaster mitigation programmes to cut down severe weather risk nationwide.

IAG managing director and CEO Nick Hawkins said: “Investment in mitigation not only helps to protect lives, properties, businesses and critical infrastructure, but it also helps to reduce the financial, physical and social costs of recovering from severe weather and natural disasters.

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“Delivering these mitigation projects, along with improved land use planning so people are no longer put in harm’s way, and strengthening building codes must be a priority for the nation.”

In August 2023, the Australian Securities and Investments Commission sued IAG’s two subsidiaries for allegedly misleading customers on the loyalty discounts offered for specific home insurance.