Australian Reinsurance Pool Corporation (ARPC) has published its 2021-25 Corporate Plan, which outlines how it intends to administer the terrorism insurance pool over the next four years, including key activities, performance measures and assessment criteria.
The 2021-25 Corporate Plan sets out ARPC’s five performance areas to measure the delivery of its strategic priorities: provide reinsurance for eligible terrorism losses; encourage private sector participation through the retrocession program; compensate the government; maintain financial sustainability and organisational resilience; and engage understand and collaborate with stakeholders.
Over the period, ARPC will undertake the following key activities to support its functions:
- continue the retrocession program
- enhance catastrophe modelling capabilities
- develop thought leadership by engaging and working with academics both locally and internationally and continue strong engagement with other global terrorism pools through the International Forum of Terrorism Risk Insurance Pools (IFTRIP) and
- improve ARPC’s capability to respond to a terrorism catastrophe by improving systems and processes, through regular testing and continuous improvement.
ARPC CEO Dr Christopher Wallace said: “Our important purpose continues: to fill a gap in the terrorism risk insurance market for Australian commercial property; and any other functions prescribed by Regulations.”
“ARPC is financially strong with access to $13.7 billion in funding available for claims arising from a Declared Terrorism Incident (DTI) and protecting more than 760,000 eligible insured property assets valued at more than $3.9 trillion nationwide,” Dr Wallace said.
The full ARPC 2021-25 Corporate Plan can be viewed on the website at: https://arpc.gov.au/publications/corporate-plan/
Media inquiries: Dr Chris Wallace, ARPC CEO (02) 8223-6777 or [email protected]