ARPC’s 2021-22 Annual Report
ARPC’s 2021-22 Annual Report has been tabled in Parliament.
“ARPC’s Annual Report shows ARPC delivered on key strategic projects in 2021-22. We continued our important role administering the Terrorism Reinsurance Pool while preparing for the Cyclone Reinsurance Pool which began on 1 July 2022,” said Dr Christopher Wallace, ARPC CEO.
There were 233 terrorism insurer customers covered by ARPC for terrorism risk under commercial property and business interruption policies. The Terrorism Reinsurance Pool (terrorism pool) had funding capacity for claims of $14.2 billion. This capacity was provided through a combination of $708 million ARPC net assets, $3.5 billion retrocession reinsurance cover purchased from 67 global reinsurers and the $10 billion Commonwealth guarantee. ARPC met targets set in the 2021-25 Corporate Plan.
This year’s better than expected financial performance was largely due to premium rate rises in underlying commercial insurance premiums. The operating result for the year ended 30 June 2022 was $112.2 million, $32.2 million better than budget.
ARPC also made good progress on strategic projects including preparation for the launch of the cyclone pool.