The Australian Reinsurance Pool Corporation (ARPC) is to provide secretariat support services to the National Insurance Affordability Council.

ARPC CEO David Matcham told insuranceNEWS.com.au he could not give further details on the move until the Federal Government has made an official announcement.

However, he revealed in last week’s ARPC newsletter that his organisation will have some involvement on the council.

“The council will make recommendations to the Minister for Financial Services, principally in the area of funding flood mitigation infrastructure, although it may also consider other issues of insurance affordability,” Mr Matcham wrote.

“A key aim of the council will be to influence the affordability of insurance prices at the margins and to be able to demonstrate that mitigation infrastructure projects supported by the council have resulted in price reductions.”

Former financial services minister Bill Shorten has said the council “will invest $50 million a year in targeted flood and other natural disaster mitigation measures”.

It will “manage the national co-ordination of flood risk management, make recommendations to the Government on flood and other natural disaster mitigation projects and undertake other functions directed at reducing natural disaster insurance premiums”.