Australia
Australia Title
Australian Terrorism Reinsurance Pool (ARPC)
Description Australia
ARPC is an Australian public financial corporation and Treasury portfolio agency established in 2003 to provide terrorism risk reinsurance. From 1 July 2022, ARPC began operating as a reinsurance pool for cyclones and related flood damage, under the Terrorism and Cyclone Insurance Act 2003 (TCI Act).
ARPC supports insurers to deliver affordable terrorism and cyclone insurance in Australia. ARPC’s purpose is to “through reinsurance, improve the accessibility and affordability of insurance for the Australian community for terrorism and cyclone risk”.
News and Events Australia
News and Events
03 May 2024
An analysis released today by Australian Reinsurance Pool Corporation (ARPC) suggests that general insurance affordability is now improving for people living in cyclone-prone regions across Australia.
03 May 2024
Australian Reinsurance Pool Corporation (ARPC) has successfully achieved a key milestone for market coverage of northern Australia by the Cyclone Reinsurance Pool (cyclone pool), according to a tranche of statistics released today.
Statistics Australia
ARPC has analysed insurer quote data to assess the Cyclone Reinsurance Pool premiums against legislative objectives. Average policyholder premiums for the highest cyclone risk bands decreased by 38 per cent from pre-cyclone pool premiums to January 2024. Over the same period, quote success rates have increased for policies with high cyclone risk. This analysis suggests that the cyclone pool is improving insurance affordability and availability in high cyclone risk areas.
https://arpc.gov.au/