Almost two thirds of all Australian home insurance policies are now covered by the cyclone reinsurance pool as the deadline looms for larger insurers to sign up to the scheme by December 31.

QBE is the latest major insurer to participate, joining Allianz and Suncorp in the scheme managed by the Australian Reinsurance Pool Corporation (ARPC).

Hollard, which has a substantial home portfolio after buying the Commonwealth Bank’s general insurance business, has also joined the pool as have RAA Insurance, RAC Insurance and Youi.

A QBE spokesperson says the insurer is “pleased to finalise the agreement with the ARPC” and “will progressively begin transferring all eligible policies into the cyclone reinsurance pool, with all relevant policies in by the end of this year”.

Financial Services Minister Stephen Jones says 65% of home policyholders are covered by the pool as of July 1 and expects the figure to rise to 95% by the start of the cyclone season in November.

“This is a great outcome for northern Australians who have been plagued with uncertainty as the cyclone season approaches,” he said.

He says QBE, Allianz and Suncorp joining the scheme represents a “great result” as it exceeded predicted timelines for coverage of policies by the cyclone pool.

The pool, backed by a $10 billion Federal Government guarantee, was introduced last year to ease long-running premium affordability issues in northern Australia.

Large insurers have until the end of this year to join the scheme while small insurers have until the end of next year.

Mr Jones also announced Julie‑Anne Schafer has been appointed as Chair of the ARPC Board, taking over from Ian Carson who was reappointed in 2020 for a three-year term.

Ms Schafer joined the ARPC board in 2021 and brings a wealth of experience from roles working across the public and private sector including as president of the National Competition Council and former Chair of RACQ Insurance, Mr Jones said.