The cyclone pool has received 78,372 claims since its inception, with 88% related to Cyclone Jasper, a quarterly report shows.

The Australian Reinsurance Pool Corporation says that as of March 31, the scheme had received claims with a total net incurred value of $657 million. 

Ex-Cyclone Alfred, which was a covered event from February 28 to March 10, has generated 68,682 claims with an incurred value of $531.3 million. Cyclone Dianne, which crossed the Kimberley coast in late March, led to 72 claims with losses of $374,636.  

The pool covers more than 3.2 million buildings against financial loss from cyclones, with a total building exposure of more than $2.3 trillion. 

Annual premiums are about $557 million for home, $55 million for strata and $27 million for SME properties. 

From the latest Insurance News magazine: Find out just how close the east coast came to disaster when Cyclone Alfred swept ashore