The devastating gun and bomb attacks in Paris that left almost 130 dead show there is an ongoing need for properly functioning terrorism reinsurance schemes, according to the Australian Reinsurance Pool Corporation (ARPC).

CEO Chris Wallace told insuranceNEWS.com.au today his organisation has been closely following the “terribly tragic” set of events.

“I was in Paris just two weeks ago meeting with the French terrorism pool,” he said.

“We regularly talk to each other to share best practice and it was confronting to see what took place.

“Clearly any insurance issues are secondary to the tragic loss of life that has occurred.”

The threat level in Australia has not changed – it has been on “high”, signifying a terrorism attack is likely, since September 2014.

Dr Wallace says terrorism is “a global phenomenon” from which nobody is immune.

“Events here have been thwarted, and I don’t think there is any doubt in people’s minds that we need cover for terrorism events,” he said.

“The [reinsurance] pools work so well because they provide that resilience, that security.”

Publication of a Treasury review of the ARPC’s future is believed to be imminent.