Two terrorism incidents were declared last financial year and the cyclone pool had its busiest season with nine events, the Australian Reinsurance Pool Corporation annual report says.

The Bondi Beach attack on December 14 and an Australia Day incident in Perth were the first terrorism declarations since the Lindt Cafe siege in 2014.

Corporation chair Julie-Anne Schafer says pool losses are not expected from Bondi claims, as levels remain within insurer retentions.

“The event was, however, a solemn reminder of why the terrorism reinsurance pool exists – to support the continued availability of eligible insurance cover and to safeguard the Australian insurance market from the financial impact of terrorism events,” she said.

The ARPC estimates cyclone pool ultimate incurred losses from last season were about $252 million, comprising a central estimate of $203 million and a risk margin of $49 million.

The pool has passed $1 billion in claims paid since starting in 2022, with Cyclone Alfred in March last year the largest event to date.

The ARPC recorded gross written premium of $1.092 billion last financial year, including $413 million from the terrorism pool and $679 million from the cyclone scheme. It had net assets of about $1.8 billion at June 30.

CEO Christopher Wallace says it was a significant year for both the terrorism and cyclone pools.

“ARPC’s work matters,” he said. “Through the reinsurance we provide we support insurance availability and affordability in areas of risk that are difficult for the private market to manage alone. That purpose remains central to everything we do.”

Dr Wallace says priorities this year include working closely with insurers and government to improve use of data and analytics, supporting awareness of cyclone mitigation discounts and maintaining the pools’ operational and financial resilience.