ARPC publishes 2022-23 Annual Report

19 October 2023

Australian Reinsurance Pool Corporation has published its Annual Report for the 2022-23 financial year.

“Reflecting on the past year, I am proud of how hard the ARPC team has worked together to deliver on our strategic objectives, while maintaining the terrorism pool, successfully operationalising the cyclone pool and completing our first claims payments from Tropical Cyclone Gabrielle,” said Dr Christopher Wallace, ARPC CEO.

As at 30 June 2023, nine insurers had joined the cyclone pool with the balance of large insurers expected to join by 31 December 2023.

“We expect to be covering 94 percent of cyclone pool eligible policies by the commencement of the 2023-24 cyclone season,” Dr Wallace said.

For the terrorism pool, ARPC had 228 insurer customers with sums insured of approximately $4 trillion nation-wide for commercial property and business interruption. The terrorism pool had $14.4 billion available for claims arising from a Declared Terrorism Incident.

In 2022-23 ARPC made solid progress on strategic projects including an updated geospatial terrorism catastrophe model and establishing our systems, processes and people for the cyclone pool.

For the financial year, ARPC received in total $524.1 million gross written premium, delivered an operating result of $245.6 million, and managed net assets of $953.2 million.

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