This annual performance statement is provided for Australian Reinsurance Pool Corporation (ARPC) as required under section 39(1)(a) of the Public Governance, Performance and Accountability Act 2013 (PGPA Act) and other applicable legislation for the 2019-20 financial year.

This annual performance statement accurately presents ARPC’s performance in accordance with section 39(2) of the PGPA Act and is based on properly maintained records.

Entity purpose

ARPC remains true to the Scheme’s original policy objectives and is focused on creating value for stakeholders. ARPC expresses its purpose through its vision and mission.

Results

To comply with the PGPA Act, ARPC must remain financially sustainable by managing its public resources in an efficient, effective and ethical manner as it fulfils its purpose.

Performance criteria

ARPC’s performance against the 2019-23 Corporate Plan over the reporting year is measured against five key performance areas:

One: Providing reinsurance for eligible terrorism losses

Two: Encouraging private sector participation through retrocession

Three: Compensating the Government

Four: Maintaining financial sustainability, and

Five: Engaging, understanding, and collaborating with stakeholders.

Performance statement summary

ARPC met or exceeded all performance criteria for the 2019-20 reporting period except for developing and launching a baseline stakeholder survey which was only partially met. A summary of achievements against the 2019-23 Corporate Plan can be seen in Achievements against 2019-23 Corporate Plan objectives.