The Australian Reinsurance Pool Corporation (ARPC) has increased its retrocession coverage this year from $2.9 billion to $3 billion.

The pool maintained its retention at $350 million, with 60 reinsurers participating in the program, which includes future coverage for mixed-use and high-value buildings.

“The retrocession program is a key component of the ARPC’s scheme,” it says in a statement. “It reduces the Government’s loss exposure by $3 billion in the event of a terrorist attack.”

The scheme’s total capacity, which includes a $10 billion Commonwealth guarantee, has been lifted from $13.4 billion to $13.5 billion.