Annual Report 2021-22
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 made good progress on strategic projects during 2021-22 including:
- preparation for the launch of the cyclone pool
- development and launch of a new insurance system
- research collaboration with the University of Queensland; and
- a social engagement project with ReachOut, enabling market segmentation research into high-risk youth.
“ARPC is well positioned to deliver to insurer customers of the terrorism and cyclone pools and to respond to a Declared Terrorist Incident or Declared Cyclone Event if required,” Dr Wallace said.
Read the 2021-22 Annual Report here.
Media Inquiries: Dr Christopher Wallace, ARPC Chief Executive
P: +61 2 8223-6777 or [email protected]