The Australian Reinsurance Pool Corporation (ARPC) has set its retrocession program for this year at $3.065 billion, up from $3 billion last year.

The program covers about $3.5 trillion of Australia-based commercial property sector assets by insured value, an increase from $3.4 trillion.

“The ARPC remains well positioned to protect Australian businesses from economic losses, including property damage and business interruption, in the event of a declared terrorist incident,” CEO Chris Wallace said.

The scheme has capacity to pay claims of more than $13.4 billion.