The latest cyclone reinsurance pool data shows about 3.2 million properties with an aggregate exposure of more than $2.4 trillion were covered at December 31.

The properties comprise more than 3 million homes, 73,000 strata buildings and more than 100,000 small business premises, the Australian Reinsurance Pool Corporation says.

Average annual premium per risk is about $189 for home, $778 for strata and $237 for SME.

The corporation says the data shows “continued expansion as insurer participation matures”.

There were 18 home, seven strata and 13 SME insurer participants in the pool at the end of last year.

More than 126,000 claims had been received to December 31, with a total net incurred value of about $1.4 billion.

“Recent claims activity has been driven by major cyclone events, including Cyclone Alfred, highlighting the pool’s role in supporting insurers following significant disasters,” the corporation said.