Snapshot - The development of a terrorism loss estimation capability for the Australian Government
Channel: GeoscienceAustralia
Date: 2016-03-23

This Snapshot video summarises Dr Ken Dales ’ Distinguished Geoscience Australia Lecture given on Wednesday 26 August 2015 .

Following the terrorist attacks in the US in 2001 there was a global withdrawal of terrorism insurance. The Australian Government responded by establishing the Australian Reinsurance Pool Corporation (ARPC) through the Terrorism Insurance Act 2003. The ARPC manages a Terrorism reinsurance pool worth ~$13 billion on behalf of the Australian Government.

Subsequently, a range of Australian Government initiatives and collaborations have led to development of a terrorism loss estimation capability at Geoscience Australia. This operational capability can provide loss estimates to the ARPC for bomb blasts in Australian Central Business Districts.

The capability also allows the ARPC to undertake scenario analyses to better understand their exposed risk and the suitability of the pool capacity. This improved knowledge and evidence base for decision making has resulted in discounted reinsurance purchases and consequent savings for the Australian Government.

Watch the full lecture: http://bit.ly/1kjBpF7

For more information please contact clientservices@ga.gov.au.
http://www.ga.gov.au