Australian Reinsurance Pool Corporation (ARPC) has reached a major milestone, with total cyclone reinsurance pool claim payments now exceeding $1 billion since the scheme commenced.
ARPC is a public financial corporation established under the Terrorism and Cyclone Insurance Act 2003. The Terrorism Reinsurance Pool commenced operations on 1st July 2003, and the Cyclone Reinsurance Pool commenced operations on 1st July 2022.
To date, ARPC has made claim payments relating to 20 declared cyclones and supported residential, small and medium enterprises (SMEs), and strata policyholders across northern Australia.
Christopher Wallace, Chief Executive Officer of ARPC, said the milestone highlights the role of the pool in strengthening resilience in cyclone-prone regions and helping reduce the cost of insurance in higher-risk areas.
Wallace said, “Passing $1 billion in claim payments is a significant achievement for the scheme, and more importantly, for the communities it was designed to support.
“The cyclone pool was established to lower insurance premiums for households, small businesses and strata properties in medium‑to‑high cyclone risk areas by providing insurers with affordable, government‑backed reinsurance. This milestone demonstrates that the pool is working as intended – delivering timely, reliable support following severe cyclone events.
“As we acknowledge this achievement, it’s important to remember the people and communities who have been displaced, disrupted or have lost so much as a result of these disasters. Our role is to ensure the cyclone pool delivers reliable support when it’s needed most and help those communities recover and strengthen over time.
“From our first declared event, with Tropical Cyclone Gabrielle impacting Norfolk Island in 2023, the cyclone pool has scaled rapidly. It has demonstrated its capability to support insurers through multiple events while maintaining operational integrity and financial strength.”
Looking ahead, ARPC will continue to focus on enhancing operational efficiency, maintaining responsive claims processes, and supporting targeted mitigation activities that improve the long-term risk profile of properties across cyclone-exposed regions.
