Documents related to statistics of claims covering economic losses from declared terrorist events against Australia (including Australian registered vessels and aircraft) during period 2003 - 2018

Richard Smith made this Freedom of Information request to Australian Reinsurance Pool Corporation

The request was successful.

From: Richard Smith

Delivered

Dear Australian Reinsurance Pool Corporation,

In ARPC's 2018 Annual Report, it is stated that "ARPC addresses market failure in the Australian commercial property terrorism insurance market through risk sharing and mitigation.

After 15 years of the Scheme and ARPC’s operation, a whole-of-market, sustainable,
alternative provider of terrorism reinsurance does not exist in Australia or the global market, meaning partial market failure still exists.

The reinsurance market has insufficient capacity to offer uniform terrorism risk insurance coverage to the market at affordable prices, a situation unlikely to change in the near term".

The 2018 Annual Report then goes on to state that "The 2015 Triennial Review considered the availability of reinsurance for terrorism risk in detail.

It concluded that the availability and pricing of private sector terrorism insurance has improved owing to the low incidence of major terrorism claims, better risk modelling and greater competition among reinsurers.

However, there is still a partial market failure."

This contrasts with a Media Release on 10 October 2016, in which the ARPC stated that "The past three years have seen a dramatic increase in the intensity and spread of terrorist incidents in OECD member countries, including Australia".

It seems counter-intuitive that there be a "low incidence" of "major terrorist claims", while at the same time, over a period 2013-2016 there has been a "dramatic increase in ... terrorist incidents ... including [in] Australia"?

I therefore request the following Government Information:

a) Documents relating to substantiation of the claim, including any research conducted, that "partial market failure" continues to exist in the private sector through natural market forces and not as a result of the existence and operation of government funded Terrorism Risk (Re) Insurance Pools, similar in operation and function to ARPC; and

b) Documents relating to statistics kept or obtained by ARPC of all Declared Terrorist Incidents which occurred in Australia (or against Australian registered vessels & aircraft) for the period 30 June 2003 to 30 June 2018, including location, date, duration and financial impact to Australian interests, both government and private with figures aggregated on an annual basis; and

c) Documents relating to statistics of number and value of all claims made to ARPC for the period 30 June 2003 to 30 June 2018, including claims made, claims assessed and paid, and claims rejected, with values aggregated to annual figures; and

d) Documents relating to the decision to move the ARPC offices from Canberra to Sydney, including total costs of the move and any cost/benefit analysis of the move as compared to remaining in Canberra.

If this can be answered as informal request, please do so.

Otherwise, please proceed with this as a formal request under the Freedom of Information principles & framework, i.e. the Freedom of Information Act 1982 & other associated guidelines and regulations.

Yours faithfully,

Richard Smith

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From: Alison Savary
Australian Reinsurance Pool Corporation


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Dear Mr Smith,

 

Please find attached correspondence relating to your FOI request.

 

Regards

 

Alison Savary | Senior Manager, Finance    

Australian Reinsurance Pool Corporation | Level 23, 1 Market Street
Sydney 2000

t +61 2 8223 6793 | m +61 438 071 381 | e
[1][email address]

[2]arpc.gov.au  | [3]LinkedIn

[4]cid:image001.jpg@01D4621B.A7CC7360

 

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From: Enquiries
Australian Reinsurance Pool Corporation


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Dear Mr Smith,

 

Please find attached correspondence relating to your FOI request.

 

Regards,

FOI Delegate

 

 

[1][IMG]

 

 

 

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From: Enquiries
Australian Reinsurance Pool Corporation


Attachment image001.png
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Attachment image002.jpg
6K Download

Attachment FOI Decision Letter.pdf
4.1M Download View as HTML

Attachment FOI Document 1.pdf
548K Download View as HTML

Attachment FOI Document 2.pdf
1.4M Download View as HTML


Dear Mr Smith,

 

Please find attached correspondence relating to your FOI request.

 

Regards,

FOI Delegate

 

 

[1][IMG]

 

 

 

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From: Richard Smith

Delivered

Dear Mr Park,

Thank you for your reply of 30 November 2018.

I have reviewed the ARPC's response to my request and the information provided.

I believe that the information provided has substantially answered my request for government information.

I appreciate the efforts that the ARPC has gone to in order to respond to my request for government information. This response, which was received within the duration of time for providing a response provided by the Act and without undue bureaucratic obfuscation, illustrates that the ARPC is discharging its responsibilities under the Freedom of Information regulatory framework soundly, efficiently and properly.

This good work should be acknowledged and should serve as a good example of best practice to other government agencies and departments who don't appear to value efficiency and professionalism as much as ARPC does.

It is a credit to you and your organisation.

Yours sincerely,

Richard Smith

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