Market Update – Sept 2016

Market Update – Sept 2016

29 August 2016

Publication of 2016-17 Corporate Plan

On Monday 29 August, Australian Reinsurance Pool Corporation published the organisation’s 2016-2017 Corporate Plan. The Plan outlines ARPC’s strategic priorities for the financial year 2016-17 and beyond. It commences on 1 July 2016 and spans the three subsequent reporting periods to 30 June 2020.

We encourage our stakeholders to read our Corporate Plan for a deeper understanding of our role and purpose as part of Australia’s terrorism response.

A high level goal for ARPC is to be regarded as a trusted advisor for terrorism and catastrophe insurance. We are the first recourse for accurate and informed terrorism insurance advice across all government jurisdictions, as well as the commercial property, insurance and reinsurance sectors.

Corporate Plan activities

Our purpose is to protect Australia from economic losses caused by terrorism catastrophe. There are four key Corporate Plan activities that ARPC will undertake over the reporting years that will facilitate achieving our purpose. These are:

1.            Providing reinsurance for eligible terrorism losses.

2.            Encouraging private sector participation through the retrocession program.

3.            Compensating the Government.

4.            Maintaining financial sustainability

ARPC strategic priorities

In early 2016, the strategic direction was revisited for the purpose of drafting the Corporate Plan. ARPC’s six strategic priority areas were updated for the reporting years, with revised key initiatives provided for each strategic priority in the next financial year.

Our Strategic Plan has six broad strategic priorities, which support our purpose and role. These priorities are to:

1. Be financially strong and ready to respond

2. Modernise the mandate

3. Drive stakeholder advocacy

4. Contribute to coverage of catastrophic events

5. Promote mitigation for economic resilience

6. Be a high achieving, great place to work

All actions and activities of ARPC will be undertaken against these strategic priorities and building on activity delivered through 2014 and 2015.

 

Click here to read the full Corporate Plan.

Contact details:

For any questions regarding the ARPC 2016-17 Corporate Plan, please contact ARPC CEO Dr Christopher Wallace on P: + 61 2 8223 6700; E: enquiries@arpc.gov.au.