ARPC is committed to timely, open communication with stakeholders and strives to understand their needs, meet their expectations, and deliver additional value. During 2019-20, ARPC continued to develop and sustain stakeholder relationships. Regular meetings were held with insurers, major commercial property owners, relevant state and Australian Government agencies and industry associations. ARPC also provided customer advice on reinsurance agreements and insurer premium submissions.
Face-to-face meetings were held during the reporting period with the following stakeholders:
- insurer customers
- global reinsurers
- industry bodies
- Australian Government representatives at local, state and federal levels, and
- state insurance corporations
ARPC also engaged in other stakeholder activities including:
- events such as our annual Terrorism Risk Insurance Seminar, and our stakeholder cocktail events in Sydney and Canberra
- insurer review program
- electronic direct mail distribution of our quarterly newsletter Under the Cover
- LinkedIn posts
- Website, and
- articles in insurance industry publications.
During the year, ARPC has worked with ORIMA to develop its inaugural stakeholder engagement survey which will be conducted in 2020-21. This survey will establish a benchmark and is designed to answer the following big questions:
- Is ARPC delivering to its vision?
- What is stakeholder sentiment towards ARPC?
- Does ARPC provide value for money?
- Is ARPC’s engagement effective?
ARPC believes that sharing knowledge with stakeholders enhances existing relationships and helps to develop a better understanding of ARPC, the TI Act, and the environment in which ARPC operates.
During 2019-20, ARPC representatives attended various industry forums as delegates and presenters, to share information and ideas.
Retrocession renewal discussions also provided an opportunity for ARPC to present the latest information on Australian terrorism risk and the results from the portfolio risk analysis, including blast and plume catastrophe modelling outcomes.
ARPC’s insurer customer (cedant) review program is an integral part of ARPC’s stakeholder engagement efforts. The program takes a collaborative approach, educating insurer customers about the requirements and function of the scheme to generate increased compliance. The program also provides an opportunity to share insights into the contemporary terrorism landscape and provide information on the strategic projects ARPC is undertaking.
Communications and publications
ARPC publishes a quarterly digital newsletter called Under the Cover aimed at insurer customers and other subscribers to provide information relating to reinsurance cover with ARPC. This includes postcode updates for reporting exposures and other information regarding reinsurance agreement obligations.
ARPC also uses Electronic Direct Mail (eDMs) to communicate with insurer customers about changes to the Scheme, deadlines for returns or submissions and any other relevant information.
ARPC has a company LinkedIn page to share announcements, event coverage and other news with our stakeholders.
Our website, which was updated in May 2020, is a repository for information about the scheme and how it operates, as well as for annual publications, newsletters, events, media releases and Q&As.
ARPC engages with the Australian and international re/insurance industries through various forums. Participation in industry events raises stakeholder awareness of the Scheme and provides an opportunity for stakeholders to stay informed about global developments in terrorism risk and insurance. During 2019-20, ARPC attended industry conferences and events including (but not restricted to):
- ARPC Sydney Terrorism Risk Insurance Seminar
- ARPC market briefing (Sydney) for the 2020 retrocession program
- IFTRIP Conference in Brussels
- ANZIIF Reinsurance Discussion Group events
- NIBA Convention
- ANZIIF Annual Insurance Industry Awards, and
- Insurance Council of Australia events.