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Australia: Govt Publishes Proposals To Improve rlRoll-out Of Cyclone Reinsurance Pool
The Federal Government has released its first report into the inquiry into the cyclone reinsurance pool in which several recommendations are made which are designed to improve scheme roll-out over the next several years.
The Joint Select Committee on Northern Australia, which conducted the inquiry, makes recommendations that the Australian Government ensures that future releases of modelling are provided well in advance of key dates in the ongoing roll-out of the Cyclone Reinsurance Pool.
“That the Australian Government reviews: the availability and coverage of insurance in Northern Australia, specifically the insured versus the uninsured, including non-participation; and
“the impact of the clause extending the pool’s coverage to 48 hours only after a cyclone has been downgraded on the cost of insurance premiums for Northern Australians, and the availability of insurance in the region as part of the built-in review in 2025, and adjust this clause if necessary.”
In the third recommendation, it said that the Australian Government directs the Australia Competition and Consumer Commission to monitor the cyclone insurance markets in Northern Australia, and report on: instances where thin markets may be impacting both insurance coverage and cost; and market participation, specifically under-insurance and the issue of lack of insurance in some areas.
The fourth recommendation said that the Australian Government should announce a position on the inclusion of marine insurance in the Cyclone Reinsurance Pool.
“Recommendation 5. —that the Australian Government facilitates a coordinated approach to land use planning, building codes, mitigation, and disaster resilience that includes the National Emergency Management Agency and other levels of government.
“Recommendation 6 —that the Australian Government’s 2025 review of the Cyclone Reinsurance Pool considers: evidence and data on whether to ‘sunset’ the Cyclone Reinsurance Pool’s coverage of policies for new builds past a certain date; and how to reinforce the policy objective of the Cyclone Reinsurance Pool to move to parity of cost and access for all Australians.
“Recommendation 7 —that future reviews of the Cyclone Reinsurance Pool consider the sum insured limit under the business property policy. Beyond these areas, the committee does not propose, at this point, making fundamental changes to the design of the pool, because: there was no universal support for the changes proposed, and it is too early to determine whether the pool is fit-for-purpose and effectively meeting its policy objectives.
In October 2022, the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, referred an inquiry into the operation and implementation of the Cyclone Reinsurance Pool to the committee. The Pool started operations in July 2022.
The committee’s interest in conducting an inquiry into the pool arose because of concerns about: the implementation of the pool to date; the reasons for the slow initial take-up of the pool by insurers; why the pool appears to not yet have reduced insurance premiums for many consumers despite this being its key objective; and relatedly community expectations about the extent and timeframe of the anticipated premium reductions.
The committee says that there will be further opportunity, once all relevant insurers have signed up by the end of 2024, to determine whether the pool is working properly, through a scheduled review of the legislation due to report after 1 July 2025, and at least once every five years subsequently. The committee also intends to consider the operation and implementation of the pool in 2024, once major insurers have joined the scheme.
Participation in the Pool is mandatory for general insurers with eligible policies. Large insurers will be required to join the cyclone pool by 31 December 2023. Small insurers will have to join by 31 December 2024. All insurers can voluntarily join from the commencement date.
Aides, Allies Disown Him, Say You’re a Traitor, We’re not Leaving PDP
Barely two weeks after his defection from the People’s Democratic Party (PDP) to the All Progressives Congress (APC), crisis has enveloped the political camp of a member of the House of Representatives for Obokun/Oriade federal constituency in Osun State, Oluwole Oke.
Indeed, these are not the best of times for him as his defection to the APC is eliciting rejection from his close circles and constituency.
His key allies who he groomed into politics and government positions have rejected his calls on them to join him to defect to the APC.
A source said that in the last few days, key aides and allies of the lawmaker have rejected his movement to the APC, describing it as a political tragedy.
“With the way he betrayed PDP, Oluwole Oke is like the proverbial Leopard that can never change the spots on its body. He will also betray the APC. We are staying back in PDP while severing political links with him”, one of his allies, Bamidele Johnson said.
Some of his allies were said to have openly declared that the defection marks a political waterloo for the 6th term legislator.
For instance, some of Oke’s allies in his Local Government scorned his move as “a decision borne out of greed and selfishness.”
One of them described him as “an ingrate who betrayed a party on whose platform he got married in life as a lawmaker and on whose platform he gained all his material riches.”
The Northern Youths Consultative Forum for Justice (NYCJ) has urged Nigerian President Bola Tinubu to declare a state of emergency in Zamfara State, citing a complete breakdown of governance, law, and order.
In a statement issued on Monday in Kano, NYCJ President Dr Sanusi Rano described the situation in Zamfara as “organised abandonment of duty” by elected officials.
“What we are witnessing in Zamfara is not governance. It is betrayal of the people,” Rano said, pointing to the absence of a functional state House of Assembly and allegations linking officials to criminal activities.
The group highlighted the suspension of 10 lawmakers who spoke out against the deteriorating security situation, arguing that their removal has left Zamfara without a legally recognised legislative body.
“This is a dictatorship of silence,” said Rano, adding that the lack of checks and balances has deepened the state’s crisis.
“The same hands that should protect Zamfara are profiting from its destruction,” Rano stated.
Calling for decisive action, the group demanded the appointment of a non-partisan administrator to rebuild the state’s institutions.
“If this is not done now, Zamfara risks becoming a permanent state of anarchy, which threatens our democracy,” Rano warned.
Justice Nwosu-Iheme of a Federal Capital Territory (FCT) High Court in Wuse Zone 2, Abuja, on Monday, sentenced the husband of late gospel singer, Osinachi, Peter Nwachukwu, to death by hanging.
Nwachukwu was found guilty of culpable homicide resulting in the death of the deceased ( his wife) on April 8, 2022.
The judge held that the prosecution had proven the burden of proof placed on it by the law and subsequently found the defendant guilty.
Nwachukwu was arraigned on June 3, 2022 by the Office of Attorney-General of the Federation (OAGF), on behalf of the Federal Government, on a 23-count charge .
The charge was on culpable homicide punishable with death, criminal intimidation, cruelty to children, criminal intimidation of children, spousal battery, among others.
In the course of trial, the prosecution called 17 witnesses, including two children of the late Osinachi, who testified as fourth prosecution and fifth prosecution witnesses, PW4 and PW5 respectively.
The prosecution also tendered 25 documents as exhibits before the court.
The defendant testified for the defence and further called four other witnesses and tendered four exhibits in his defence.
Shortly before sentencing, the defendant, counsel , Reginald Nwali, in his allocutus pleaded with the court to be lenient in its judgment.
Similarly, the prosecution counsel, Mrs Aderonke Imala, urged the court to give force to the law as stipulated.
Justice Nwosu-Iheme subsequently sentenced Nwachukwu to death by hanging on Count 1, while he was sentenced to two years imprisonment each on Counts 2, 3, 8,9, 12, 13, and 18.
The court sentenced the defendant to six months imprisonment on Count 10, three years imprisonment in Count 11, while he was fined the sum of N500,000 and N200,000 respectively on Counts 6 and 7 respectively. (NAN)