ARPC publishes 2023-24 Annual Report
24 October 2024
Australian Reinsurance Pool Corporation (ARPC) has published its Annual Report for the 2023-24 financial year. ARPC reported a strong financial and operational result for the period.
During this time, ARPC received a total of $1.1 billion in gross written premiums and delivered an operating result of $710.1 million. ARPC also had net assets of $1.67 billion under management.
“During the period, ARPC has experienced a period of rapid growth having successfully operationalised the cyclone pool, while continuing to deliver the terrorism pool and improving our efficiency and effectiveness,” said Dr Christopher Wallace, the Chief Executive of ARPC.
“In this reporting period, ARPC has made significant progress on strategic projects including transitioning terrorism insurer customers to PACE (Protecting Australians for Catastrophic Events), ARPC’s insurer customer system and uplifting other systems, processes and resources for the cyclone pool,” Dr Wallace said.
By 30 June 2024, 18 insurers had joined the cyclone pool, covering between them 98 per cent of eligible home insurance policies, close to 100 per cent of eligible strata insurance policies and 87 per cent of eligible small-to-medium enterprise (SME) insurance policies.
“The cyclone pool has successfully met the legislative requirement to have all the large general insurers writing business in northern Australia under the cyclone pool by the end of 2023. We are well and truly on track to achieve our next target, which is for remaining insurers writing business in northern Australia to have joined by 31 December 2024,” Dr Wallace said.
There have been five tropical cyclones during the 2023-2024 season, with estimated claim costs to the cyclone pool of $155 million. ARPC has successfully been paying claims to insurer customers within our service standards.
ARPC also had 225 insurer customers participating in the terrorism pool for the 2023-24 financial year, providing cover for commercial property and business interruption for declared terrorism incidents.
“ARPC will continue to work with insurers, reinsurers, Government and broader community stakeholders to deliver on our purpose to, through reinsurance, improve the accessibility and affordability of insurance for the Australian community for terrorism and cyclone risk.
Our Annual Report shows the efforts of all the ARPC team members who together have made this result possible,” Dr Wallace said.
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