The cyclone reinsurance pool received 9399 claims between its launch and the end of last year, with a total incurred value of $121 million, an update shows. 

Cyclone Jasper was the most expensive event, with $61.2 million gross claims paid and an estimated $18.73 million incurred but not yet paid.  

Cyclone Kirrily generated more claims but lower costs, with $32.1 million paid and an additional $5.8 million incurred, the Australian Reinsurance Pool Corporation data shows.

The pool began on July 1 2022, but large insurers had until the end of 2023 to join and smaller insurers were given another 12 months.

At the end of December, the pool covered 3.1 million buildings against financial loss from cyclones, with a total exposure of almost $2.23 trillion.

The scheme has annual premiums of about $546 million for home, $53 million for strata and $25 million for SME properties. It provides $6.9 million of annual mitigation discounts on home properties.

The report, released last week, does not include impacts from Cyclone Alfred, which was a pool event from February 28 to March 10.

Total Alfred losses covered by the pool were estimated at about $1.7 billion based on preliminary modelling, the ARPC said on March 25.

Slides for a pool corporation seminar last week showed the estimate is $1.44 billion.

The ARPC’s reinsurance is supported by premiums collected from insurers, reserves and an annual $10 billion federal government guarantee.