Australia’s insurance industry leaders met last week to discuss the response to the September 11 attacks on the US and future measures that may be needed in the event of terrorist attacks within Australia. 

The meeting was held at the request of Financial Services and Regulation Minister Joe Hockey after recent meetings between US insurers and their government, which resulted in an agreement to set up a reinsurance pool to cover the property cost of terrorist attacks.  

ICA Corporate Affairs Executive Rod Frail confirmed that  “a working party of industry members from some of the largest insurers in Australia has been established”. 

Discussions focused on the capping of payouts for acts of terrorism and introducing a pool system to cover such claims.    

Mr Frail said ICA is not yet in a position to put a proposal to the Federal Government. Asked whether a decision would be made by December 31 – the next major renewal season – Mr Frail said he “wouldn’t rule it out”.