Federal Treasurer Josh Frydenberg is open to further action to address insurance affordability and availability, following the introduction of the cyclone reinsurance pool, The Guardian has reported.

In an interview Mr Frydenberg was asked about the potential to extend the cyclone-focused government-backed reinsurance pool, which is due to come into effect from July assuming legislation passes the Senate.

“I’m open to finding ways to make insurance more accessible and affordable,” Mr Frydenberg said.

“I’m conscious that many people in flood- and fire-prone zones are either underinsured or not insured at all because the cost of insurance can be prohibitively high.”

Mr Frydenberg was also asked if he was happy with the reinsurance model adopted for the cyclone pool.

“It’s early days but it’s been well received and there was a lot of work done,” he said. “But I’m not creating expectations. There are questions about how to make that workable, so we’ll have to get further work done.”

The Senate Economics Legislation Committee has a March 24 reporting date for its inquiry into the cyclone pool legislation. Federal Parliament will resume on Tuesday next week, when the Budget will be handed down, and an election is expected in May.

The Federal Government has already indicated that elements of the cyclone reinsurance pool will be reviewed after a year. A number of changes to extend its reach have been proposed by various groups, including amendments to extend the cyclone-cover as well as overhauls to include more catastrophe events.