The Australian Reinsurance Pool Corporation continued to receive and pay claims for cyclones that hit last year during the March quarter.

The cyclone pool’s biggest claim event by far has been Alfred, which hit southeast Queensland and NSW in March last year. The pool had paid $1.07 billion of Alfred claims by April 30 this year, from a total $1.2 billion paid since the pool launched in July 2022.

Average annual premiums for strata buildings increased slightly in the year to March, primarily reflecting increases in sums insured, according to the quarter’s report.

The number of strata risks continued to decline and the pool says it is examining why, because it may reflect changes in insurer reporting and portfolio composition.

The pool reinsures 3.2 million homes, 72,500 strata buildings and more than 101,000 small business buildings.

The average premium for home and contents cover was $191 in the quarter. Strata buildings were $801, business buildings and contents $182, and business interruption $59.

Another insurer joined the pool in the quarter.