Client Alert: Assurance Around Terrorism Insurance
In the wake of the terrorist attacks in the US on 11 September 2001, the Australian Federal Government established a terrorism insurance scheme for commercial property, business interruption and public liability. Its purpose was to minimise the economic impacts from the withdrawal of terrorism insurance.
A recent review of the way the Terrorism Insurance Act 2003 and the Australian Reinsurance Pool Corporation work together has found market failure still exists and the current scheme should remain in place. For more information, please read the Client Alert: 2015 Review of the Australian Terrorism Insurance Scheme.