Minister for Revenue and Financial Services Kelly O’Dwyer has announced the appointment of two new part-time board members for the Australian Reinsurance Pool Corporation (ARPC).

Michael Callaghan and Robin Low will both serve three-year terms for the terrorism pool, which was established in 2003.

Mr Callaghan is a non-resident fellow at the Lowy Institute for International Policy and last year led the Northern Australia Insurance Premiums Taskforce.

Ms Low, a chartered accountant, is Deputy Chairman and member of the Auditing and Assurance Standards Board and on the board of a number of non-profit organisations.

Actuary Tom Karp was reappointed to the board for a further year, having been a member since 2008.

Ms O’Dwyer backed the terrorism pool in a speech to the ARPC-OECD Global Terrorism Risk Insurance Conference in Canberra last week.

“We have seen terrorism touch Australians both at home and overseas, and we have seen the threat of terrorism evolve,” she said. “I am confident we are well positioned to meet those challenges head-on.

“Collaborations such as this are essential in making that happen.”