The national terrorism insurance scheme administrator has renewed its retrocessional reinsurance program for this year.

The $3.14 billion program, plus the $10 billion Commonwealth guarantee and net assets owned by the Australian Reinsurance Pool Corporation (ARPC), helps cover more than $13.7 billion in commercial property.

Pricing for the program is slightly reduced from last year, prompting the ARPC to add an extra top layer of $250 million.

The ARPC met 70 reinsurers to negotiate the program, to spread the risk assumed by local reinsurers.