Tier PostcodesFor commercial property and associated business interruption, an initial reinsurance premium of 2 per cent of the underlying base premium would generally apply (Tier C). Rates of 12 per cent and 4 per cent would apply to properties located in most Capital City CBDs (Tier A) and other urban areas (Tier B), respectively, with Tier A and Tier B to be designated by postcodes.
Postcodes allocated to Tier A are those covering the CBD areas of Australian cities with a population of over 1 million: Sydney, Melbourne, Brisbane, Perth and Adelaide.
Postcodes allocated to Tier B are those covering the urban areas of all state capital cities and cities with a population of over 100 000: Sydney, Melbourne, Brisbane, Perth, Adelaide, Gold Coast, Canberra, Newcastle, Central Coast of New South Wales, Wollongong, Hobart, Geelong, Sunshine Coast of Queensland, Townsville and Darwin.
Postcodes allocated to Tier C are those geographic postcodes not allocated to either Tier A or B.
Any property not on the mainland of Australia or Tasmania, but within the coastal sea of Australia within the definition included in Section 3 of the Act, will be Tier C.
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| Tier A | ||
| Tier B | ||
| Tier C |
