Author: Kiah Frankel

Australia’s terrorism insurance scheme, administered by the Australian Reinsurance Pool Corporation, has renewed its retrocession reinsurance program for the 2021 calendar year. The $3.475 billion retrocession reinsurance program, plus ARPC’s net assets and the $10 billion Commonwealth guarantee, provides scheme capacity in the event of a declared terrorism incident, against commercial and eligible property assets of just under $14 billion.  ...

ARPC conducted a scheduled tender for the provision of reinsurance broking services. As a result of that process, Aon has been appointed and will commence from 1 April 2021. Mr Mike Pennell PSM, ARPC’s Chief Underwriting Officer will oversee the transition-in and commencement of broking services to ARPC by Aon.

Ian Carson AM, ARPC Chair, has thanked Karen Payne for her service to ARPC, following completion of her term as Member on 4 October 2020. She was first appointed to the ARPC Board on 5 October 2017. In May 2019, during her term with ARPC, Karen Payne was also appointed as the Inspector-General of Taxation and Taxation Ombudsman for a...

ARPC’s 2019-2020 Annual Report has been tabled in Parliament. “The Report showcases strong operational and financial performance during the financial year,” said Dr Christopher Wallace, ARPC CEO. There were 227 insurer customers covered by ARPC for terrorism risk for commercial property and business interruption policies. The ARPC Scheme had funding capacity for claims of $13.7 billion. This capacity was provided...

Australian Reinsurance Pool Corporation has launched the findings of its cyber terrorism research project titled ‘Insurance risk assessment of cyber terrorism in Australia’ at ARPC’s Cyber Terrorism Research and Insurance Webinar. The Webinar, held on Thursday, 3 September, had 135 attendees. The scope of the research included identifying and exploring current and prospective threats, plausible scenarios and the practicalities of...

A new joint report by the International Forum for Terrorism Reinsurance Pools (IFTRIP), the UK’s terrorism pool, Pool Re, and the Geneva Association, proposes a new term, ‘Hostile Cyber Activity’ (HCA), to describe potential malicious behaviour that sits between terrorism and warfare. HCA is intended as an interim solution while the industry works towards a cross-jurisdictional consensus on a common...

Australian Reinsurance Pool Corporation has announced that its Cyber Terrorism Research and Insurance Seminar has been brought forward to Thursday, 3 September starting at 4pm AEST, with the format changed to a Webinar.  ARPC’s Cyber Terrorism Research and Insurance Webinar will showcase the findings of ARPC’s ground-breaking cyber terrorism research project, titled: ‘Insurance Risk Assessment of Cyber Terrorism in Australia’.  “A...