The Australian Reinsurance Pool Corporation has released its annual corporate plan outlining priorities for the cyclone and terrorism pools through to 2027-28.

It says a key goal is to optimise the pools to enhance effectiveness and affordability.

The terrorism scheme, established in 2003, protected more than 790,000 eligible insured property assets valued at $4.4 trillion at June 30 this year, and the cyclone pool is operating as designed since it began operations on July 1 2022, the plan says.

ARPC’s other priorities include delivering sustainable reinsurance for eligible terrorism and cyclone events, to enable insurers to deliver coverage; building data analytics and insights capability to support risk mitigation and enhance accessibility and affordability of insurance; and building capability and a customer- and risk-focused culture.

“While the overarching themes of our existing strategic priorities remain consistent, our updated corporate plan demonstrate how we are evolving and adapting to the changing needs of our operating environment,” CEO Chris Wallace said.

“Over the coming four years, we will continue to invest in bolstering our internal capabilities and technology to help us deliver our legislative priorities.”

Click here for the plan.