ARPC chief executive says changes reinforce the Government’s commitment to "protecting the economy, the domestic insurance industry and policyholders from potential impacts of terrorism."
The initiative seeks to build disaster-risk financing into development planning, enabling quicker fiscal response and reducing recovery costs for governments.
Cyclone pool ends year with a A$1.21bn operating deficit, but Australian Reinsurance Pool Corporation said it remains cash-flow positive and able to meet all expected claims.
The Australian Reinsurance Pool Corporation noted that the extension of SME discounts aims to incentivise risk mitigation efforts, aligning with its 2025-2029 strategic priorities.
Violent demonstrations in Kathmandu caused extensive damage to businesses and institutions, with reinsurance, primarily through Nepal Re, expected to cover the majority of industry losses.
