Results of second Insurer Customer Survey

24 Aug 2022

Australian Reinsurance Pool Corporation (ARPC) has published the results of its second insurer customer survey conducted by ORIMA Research.

Overall, the results from the 2021 survey remain strong. Consistent with the previous survey (2020) most respondents (97 per cent) continue to see ARPC as a trusted expert on terrorism reinsurance and consider it easy to deal with.

Key survey findings included that:

• 97 per cent of respondents overall (Australia and overseas) believe ARPC is an effective provider of terrorism risk insurance.
• Respondents continued to rate ARPC’s publications, website, and digital business-to-business communications strongly, particularly Australian respondents, but recorded slightly lower scores for in-person meetings.
• 75 per cent overall found the ARPC insurer customer review process very or somewhat useful, a slight decline on the previous year (80 per cent).

When asked to describe ARPC in two key words, positive words such as professional, reliable, effective, accommodating stood out most prominently.

Areas for improvement

The score related to transparency fell from 92 per cent to 76 per cent and, combined with a decline in perception of value (89 per cent to 76 per cent), ARPC will be acting to:

• continue our stakeholder engagement activities, including in-person meetings, and international meetings with key stakeholders in person and
• expand our multilateral briefings on the cyclone pool to more stakeholders during the transition stage of insurers joining the cyclone pool.

ARPC CEO Dr Christopher Wallace said: “ARPC is committed to the annual insurer customer survey so we can seek feedback and continue to make improvements that benefit customers.” “This becomes more important as ARPC transitions to operating a cyclone pool and a terrorism pool.”

Methodology

In December 2021, a short online survey was sent to ARPC’s 235 insurer customers comprised of 36 in Australia and 199 internationally. The response rate for the 2021 survey was 22% (28% in 2020).  52 responses were received:  9 from Australian insurers, and 42 from international insurer customers.

The full survey report is published here.

For media inquiries, please contact ARPC CEO Dr Christopher Wallace on (02) 8223-6777 or [email protected]