PM Plans $10 Billion Insurance Premium Subsidy for Northern Australia

PM Plans $10 Billion Insurance Premium Subsidy for Northern Australia
A storm damaged house is seen in the Townsvile suburb of Gulliver in Townsville, Australia on March 21, 2012 . Leigh Turner/Getty Images
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People in northern Australia will soon have cheaper property insurance as the federal government announced a subsidy plan for the region from next year.

A reinsurance pool backed by a $10 billion government guarantee will be in place from July 1, 2022, to relieve the high premium cost burden on homes and businesses due to frequent natural disasters like cyclone and floods in recent years.