ARPC’s 2020-21 Annual Report has been tabled in Parliament.
“ARPC’s Annual Report shows ARPC achieved excellent performance operationally and financially during 2020-21,” said Dr Christopher Wallace, ARPC CEO. There were 237 insurer customers covered by ARPC for terrorism risk under commercial property and business interruption policies.
The ARPC pool had funding capacity for claims of $13.7 billion. This capacity was provided through a combination of $595 million ARPC net assets, $3.475 billion retrocession reinsurance cover purchased from 73 global reinsurers and the $10 billion Commonwealth guarantee. ARPC performed well against the targets set in the 2020-24 Corporate Plan.
The financial performance for 2020-21 was better than predicted, due to rate increases in underlying commercial insurance premiums, with the operating result (surplus) for the year ending 30 June 2021 at $84.9 million, $29.5 million better than forecast.
ARPC made good progress on strategic projects during 2020-21 including:
- cyber terrorism research project completion and launch to stakeholders
- Standards Australia Handbook for the ‘Base Building Physical Security Handbook – Terrorism and Extreme Violence’, and
- development and Board approval of a risk culture statement as part of the risk management framework redesign.
“These projects will position ARPC well to deliver to insurer customers and stakeholders and respond to a Declared Terrorism Event (DTI) if required,” Dr Wallace said.
Read the 2019-2020 Annual Report here: https://arpc.gov.au/publications/annual-report/
Media Inquiries: Dr Christopher Wallace, ARPC Chief Executive
P: +61 2 8223-6777 or [email protected]