- is now available directly in new areas across Northern Queensland and Western Australia, increasing competition in those areas
- Allianz was the first insurer to announce that it would enter the Federal Government-backed Cyclone Reinsurance Pool (CRP) from 1 January 2023
- Thousands of Northern Australian policy holders living in high cyclone risk areas will now benefit from lower home and contents insurance premiums, arising from Allianz’s participation in the CRP
Allianz Australia’s Home Insurance and Landlord Insurance products are now available direct to consumers1 in areas of Northern Queensland and Western Australia2 where they weren’t previously, following Allianz joining the Federal Government-backed Cyclone Reinsurance Pool (CRP). This includes over 100 new postcodes3, including major towns and cities in Queensland including Cairns, Townsville and Mackay, and in Western Australia, Broome and Karratha.
Allianz Australia is the first major insurer to enter the CRP – a Federal government-backed, reinsurance facility operated by the Australian Reinsurance Pool Corporation (ARPC). The CRP has been introduced with the aim to lower insurance premiums for home, strata, and small business policyholders with high cyclone and related flood risk by reducing the cost of reinsurance for insurers, which is a significant cost component of property insurance premiums in Northern Australia.
Allianz Australia, Managing Director, Richard Feledy said, “At Allianz, we believe that the accessibility and affordability of insurance is critically important. Given the increasing severity and/or frequency of extreme weather, coupled with rising inflation, the need for premium relief in communities exposed to cyclones and associated flooding is timely.”
“Allianz welcomes the additional investment the Federal Government is making through the Disaster Ready Fund to enhance the resilience of communities to natural catastrophes, and we also look forward to continuing to engage with the Government through the recently established Hazard Insurance Partnership and other avenues. Allianz’s participation in the CRP has enabled us to expand the sale of household insurance directly to customers in Northern Queensland and Western Australia, and inject more competition into those markets. Allianz has put in place an accelerated program of work to transfer our householders portfolio to the CRP as soon as possible and looks forward to extending the benefits of the CRP to our small business and residential strata portfolios in the future.”
Renewal notices for existing policyholders with premiums that reflect the impact of the CRP started being sent to customers from mid November 2022 for policy periods that commenced from 1 January 2023. Customers are not required to take any action to benefit from Allianz’s participation in the CRP. Allianz has conducted an analysis of the potential impact of the CRP for home insurance customers, which is broadly consistent with modelling undertaken by the ARPC.
The Pool is just one in a suite of measures needed to address the availability and affordability of property insurance in Northern Australia and aims to be complemented by other measures to help mitigate against, and adapt to, the risk of cyclones and flooding. This includes, allowing Allianz Direct Home and Landlord customers to pay monthly at no extra cost4 when they buy or renew their insurance5.
For more information on the Cyclone Reinsurance Pool, please visit the
- For certain weather events, a 72-hour exclusion period may apply; and/or embargoes may be temporarily imposed. Embargoes are frequently reviewed and are lifted depending on the risk facing a particular area, in fairness to all of our customers who may have held policies for a longer period of time. Flood cover is optional. Terms, conditions and limits apply. Before purchasing, read the Product Disclosure Statement. Go to Allianz.com.au for a Product Disclosure Statement and Target Market Determinations.
- Allianz also offers home insurance directly in the Northern Territory through its TIO brand.
- At the time of this statement and subject to temporary embargoes in place, the postcodes are:
Queensland – 4700, 4703, 4704, 4705, 4706, 4707, 4710, 4711, 4712, 4713, 4737, 4738, 4739, 4740, 4741, 4742, 4743, 4750, 4751, 4753, 4754, 4756, 4757, 4798, 4799, 4800, 4801, 4802, 4803, 4804, 4805, 4806, 4807, 4808, 4809, 4810, 481, 4812, 4813, 4814, 4815, 4816, 4817, 4818, 4819, 4820, 4821, 4823, 4828, 4830, 4849, 4850, 4852, 4854, 4855, 4856, 4857, 4858, 4859, 4860, 4861, 4865, 4868, 4869, 4870, 4872, 4873, 4874, 4875, 4876, 4877, 4878, 4879, 4880, 4881, 4882, 4883, 4884, 4885, 4886, 4887, 4888, 4891 and 4895.
- Western Australia – 6701, 6705, 6707, 6710, 6711, 6712, 6713, 6714, 6716, 6718, 6720, 6721, 6722, 6725, 6726, 6728, 6740, 6743, 6751, 6754, 6753, 6758, 6760, 6762, 6765, 6770, 6798 and 6799.
- Payments by instalments may be subject to minor adjustments (upwards or downwards) due to rounding and financial institution fees may apply.
- As of 13 November 2022, new Allianz Direct customers can pay monthly at no extra cost; and as of 25 December 2022 customers renewing policies can also pay monthly at no extra cost.
About Allianz Australia
Allianz Australia Limited is a wholly owned subsidiary of the worldwide Allianz Group. The Allianz Group is one of the world's leading insurers and asset managers with corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life, and health insurance to assistance services, credit insurance and global business insurance. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index.
Any opinions expressed constitute our views at the time of issue and are subject to change. Neither Allianz, nor its employees or directors give any warranty of accuracy or accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in this article.
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