Labor would ensure that the cyclone reinsurance pool is put in place if elected this year, a Member of Parliament has said during debate on the bill, while the Opposition is also putting pressure on the Morrison Government to release modelling behind the scheme.

The northern Australia cyclone reinsurance pool, backed by a $10 billion government guarantee is due to start on July 1, but is facing a tight legislative timeframe given an election is also expected by the end of May.

“If Labor is elected, not only will we ensure that the reinsurance pool is put in place but we will make sure that priority is given to the north of Australia in investing in mitigation infrastructure projects,” Labor’s Matt Thistlethwaite told the House of Representatives yesterday.

The Government says over 10 years the pool is estimated to reduce premiums by $2.9 billion, which compares to anticipated savings of about $1.5 billion when the original pool announcement was made last year.

Homeowners in northern Australia with the most acute cost pressures are expected to benefit from up to 46% premium discounts, strata properties up to a 58% and SMEs up to a 34% discount, the government says.

Mr Thistlewaite says the Government has so far declined to release the modelling behind the forecasts.

“We know they have done modelling on this issue, and we believe that the people of the north of Australia - households, businesses and consumers - have the right to know what these claims are based upon,” Mr Thistlethwaite said.

“There is an actuarial study somewhere behind that, and I think the public deserve to know whether or not those savings will be real and what the veracity of those figures is.”

The bill is currently before the Senate, according to the Parliament House website.