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In so doing, we fulfilled our purpose which is to protect Australia from the economic losses caused by terrorism catastrophe.
It was a year of significant change and transformation for ARPC which included: The Taskforce Report was published by the Treasury in March ; and A merger of and relocation of all operations to a new Sydney office. Our Canberra office closed in September and our new Sydney office opened in December after a short period operating from our old Sydney premises.
In Australia, since the national terrorism threat level was raised on 12 Septemberthere have been three attacks and nine major counter-terrorism disruption operations in response to imminent attack planning.
Over the same period, 43 people have been charged with terrorism-related offences. In addition, the Australian Security Intelligence Organisation has over high-priority counter-terrorism investigations underway. Inadequate Annual report 2009 of cci insurance capacity to cover all Australian commercial assets is an ongoing problem, which ARPC fully addresses.
ARPC has actively sought and created opportunities to raise awareness of our role, purpose and coverage among insurers, reinsurers, property groups, government agencies, business groups and associations and at conferences.
Our net assets were 6. Our major project to relocate the Canberra and Sydney operations to a new Sydney office was achieved on time and better than budget.
Terrorism insurance pools similar to ARPC exist in all major economies and are recognised as the most effective way to provide cost effective terrorism reinsurance to the commercial insurance sector.
ARPC is considered a best practice global pool, owing to our deep experience with blast and plume loss modelling, coupled with our strategic use of retrocession reinsurance, where ARPC purchases pooled reinsurance cover from Australian and global markets.
The OECD has maintained a long-term focus on terrorism reinsurance pools. Next year, it will focus on cyber risk and cyber terrorism.
This event will bring together more than senior executives from government, insurance, reinsurance and related industries from OECD countries to discuss the latest developments in terrorism insurance. Expansion of the scheme — the Triennial Review The Triennial Review was undertaken by Treasury and consultants to Treasury, and completed in the early part of the year.
More detail on the Triennial Review is set out in Chapter 2 of this report. However, ARPC is currently focused on these key recommendations: Another already implemented recommendation was to adjust premium pricing to support the scheme remaining financially sustainable.
Recommendations also propose adjustments to insurer retentions for financial sustainability reasons. ARPC is working with the Treasury on the detail of those changes.
More detail on the taskforce report, published on 4 Marchis contained in Chapter 2 of this report. One option the Taskforce considered was the establishment of a government-backed cyclone reinsurance pool, similar to ARPC, which could subsidise and reduce premiums to policyholders who face regular cyclone losses.
ARPC does not advocate for or against a pool. ARPC exists to address market failure where there is insufficient insurance or reinsurance capacity or unaffordable insurance or reinsurance. We would look to support the market through subsidised reinsurance and the use of retrocession reinsurance, but we would not seek to replace the market.
This could be used in the event of terrorism or cyclones both extreme catastrophes.
ARPC also has residual powers in our regulations for Functions of Corporation for insurance affordability. ARPC has specialised property reinsurance skills and systems capability to extend to other reinsured perils for catastrophe.
ARPC has reinsurance agreements with almost all Australian commercial property insurers, plus many foreign insurers. We have insurer customers and 61 retrocession reinsurers. Therefore, our existing network would provide us with a high level of engagement with insurers and reinsurers regarding any cyclone reinsurance pool.
Our submission also advised that we did not expect a cyclone reinsurance pool to be self-funding for several years and that it was important to hold funds separately from the terrorism reinsurance pool. Finally, our submission said any scheme should be voluntary for insurers, as is the case with the terrorism reinsurance pool.
The move has also enabled recruitment of new general insurance and reinsurance skills.
Additionally, we were able to work with the Treasury to implement the latest available virtualisation of computer technology, so we can operate from any location in the future. Our financial performance The report from our Chief Executive describes our financial performance in more detail, but a key concern for the ARPC Board remains our financial sustainability.
To remain financially sustainable, we have maintained a lower-than-desired retrocession purchasing program and cut operating expenses. Notwithstanding these expense savings, ARPC still experienced a reduction in net assets. At the current level of fee and dividend payments, our outlook shows continuing reductions in net assets over the next four years.Human Resources - Annual Report Theodore Johnson, chief probation officer, Western District of Pennsylvania.
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