Survey shows effective onboarding of Cyclone Pool insurer customers

Survey shows effective onboarding of Cyclone Pool insurer customers

24 September 2024

Australian Reinsurance Pool Corporation (ARPC) has published its 2023 Cyclone Reinsurance Pool Insurer Customer Survey Report which has delivered positive backing from insurers on their onboarding to the Cyclone Pool.

The survey conducted annually by ORIMA Research, seeks to understand how insurers perceive ARPC and measure the effectiveness of its stakeholder engagement activities.

The 2023 survey results show that the onboarding of the first group of insurer customers to the Cyclone Reinsurance Pool has been effective. All insurer customers considered that they had been at least satisfactorily onboarded, with three-quarters (75%) considering the process to have been about what they expected or easier than expected.

The Cyclone Pool Stakeholder Perceptions Index (C-SPI) tracks perceptions resulting in an index score ranging from 0 (low) to 100 (high). The index achieved 69 per cent, which is a favourable perception of ARPC overall.

In regards to the work in implementing the cyclone pool, all 12 insurer customers found ARPC to be transparent in the onboarding process to at least a large extent while the high level of engagement and communication from ARPC was received positively by insurers.

Areas for development

The survey indicated that the resources and support materials developed by ARPC to assist the onboarding process was rated at least somewhat useful by at least two thirds of insurer customers. Insurers noted that improvements could be made in the integration of information and updates in the support material.

ARPC also noted some feedback from insurers on the opportunity to develop its commercial industry expertise within the organisation.

ARPC Chief Executive Dr Christopher Wallace said: "The Insurer Customer Survey is an important tool for ARPC to monitor its performance and the effectiveness of its legislative activities, including by identifying potential areas for improvement.

"We have bolstered our in-house commercial and technical expertise and we will continue to invest in our people to ensure they build the necessary skills and experience in an increasingly complex and evolving operating environment.

"This feedback will help us make changes to strengthen our engagement with the insurance industry and support us to further refine the efficiency and effectiveness of the Cyclone Pool."

The full survey report is published here.

Orima Research will soon commence the 2024 Cyclone Reinsurance Pool Insurer Customer Survey.

Methodology

The Cyclone Reinsurance Pool Insurer Customer Survey was conducted by ORIMA Research from September - October 2023 with Cyclone Pool customers invited to take part in a video interview process.

A total of 12 insurers who joined the Cyclone Pool in 2023 were interviewed on their onboarding process as no insurer customers were operational on the Cyclone Pool throughout the previous 12 months.

The 2023 Cyclone Pool Survey was the first individual survey conducted separate to the Terrorism Reinsurance Pool Survey.

For media inquiries, please contact Alexander Drake on (02) 8223-6777 or [email protected].

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