Australian Reinsurance Pool Corporation

The Australian Reinsurance Pool Corporation (ARPC) is a statutory authority established under the Terrorism Insurance Act 2003 (TI Act), being subject also to requirements under the Public Governance, Performance and Accountability Act 2013 (prior to 1 July 2014, the Commonwealth Authorities and Companies Act 1997). Following the terrorist events that occurred in the United States of America on 11 September 2001, there was a global withdrawal of terrorism insurance. This was of particular concern to the commercial property sector internationally. The Government was concerned that the lack of comprehensive insurance cover for commercial property or infrastructure would lead to a reduction in financing and investment in the Australian property sector. The role of the ARPC was to establish and subsequently provide ongoing administration of a scheme that would provide (re)insurance cover for eligible terrorism losses involving commercial property, associated business interruption and public liability.