Treasury seeks feedback on terrorism insurance scheme

LTreasury seeks feedback on terrorism insurance scheme Treasury has released a consultation paper for its triennial review of the Terrorism Insurance Act. The Treasury is particularly keen to hear from stakeholders on whether the risk of cyber terrorism causing physical property damage should be included in the scheme and the extent of coverage available for terrorism incidents causing harm to people, including armed assault. Australian Reinsurance Pool Corporation CEO Christopher Wallace says the organisation is available to assist stakeholders planning to provide submissions. Recommendations from the 2015 review saw the scheme’s coverage extended to include certain mixed-use and high-value buildings. Coverage in the event of a declared terrorist incident which involves a biological or chemical substance has also been clarified. 


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