The cyclone reinsurance pool provides cover for 3.1 million buildings with a total exposure of almost $2.17 trillion, a quarterly report shows.

The number comprises 2.91 million homes, 77,824 strata buildings and 91,664 SME properties.

The Australian Reinsurance Pool Corporation says as of September 30, the scheme had annual in-force premium of about $532 million for home, $53 million for strata and $24 million for SME.

The pool also provides $6.6 million in annual discounts for mitigation work on homes.

The report shows 16 insurers providing home cover, nine for strata and 10 for SME at the end of the September quarter.

Small insurers had until the end of last year to join the scheme, which was launched in 2022.