ARPC is a public financial corporation established on 1 July 2003 under the Terrorism Insurance Act 2003 (TI Act) to administer the terrorism insurance scheme (the Scheme). It was established following the terrorist attacks in the USA on 11 September 2001. After this event, there was a global withdrawal of terrorism insurance cover, leaving commercial property in Australia uninsured against terrorist attacks. This market failure reduced access to project funding and commercial refinancing which financially threatened some sectors of the Australian economy.
The TI Act prescribes the function of ARPC, which is to provide insurance cover for eligible terrorism losses (whether by entering into contracts or by other means) and any other functions prescribed by the regulations.
ARPC was established by the Australian Government with the support of stakeholders in the property, banking, insurance and reinsurance sectors.
Under the Public Governance, Performance and Accountability Act 2013 (PGPA Act), ARPC is classified as a corporate Commonwealth entity. This classification means that ARPC is subject to the financial and non-financial reporting requirements of the PGPA Act.
Vision, Mission and Values
ARPC expresses its purpose through its vision and mission.
ARPC remains true to the Scheme’s original policy objectives and is focused on creating greater value for stakeholders.
To deliver on the Vision and Mission, ARPC strives for a collaborative and high-achieving culture underpinned by integrity, personal leadership and professional development.
These values support the strategy and are fundamental to the success of the organisation. These values also support the ARPC Code of Conduct.