Structure, organisations and key people
The Australian Reinsurance Pool Corporation (ARPC) is a statutory authority established by the Terrorism Insurance Act 2003 (TI Act) to administer the terrorism reinsurance scheme insurance cover, for commercial property and associated business interruption losses and public liability claims.
Following the terrorist events that occurred in the United States of America on 11 September 2001, there was a global withdrawal of terrorism insurance. In response to this critical area of market failure, the Commonwealth Government consulted widely with relevant stakeholders, including the insurance and reinsurance sectors, the financial sector and representatives of the commercial property sector. The result was the introduction of the TI Act, which established ARPC.
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