We can confirm that the Australian Reinsurance Pool Corporation (ARPC) are planning to increase the contributions required from insurers who wish to reinsure terrorism risks. The increases are as follows:
- Tier A 12% to 16%
- Tier B 4% to 5.3%
- Tier C 2% to 2.6%
These increases apply to both Property Damage and Business Interruption coverage and will come into effect from 1st April 2016.
More information is available at the ARPC website.
For any further information related to Insurance Premium Tax please do not hesitate to contact us: firstname.lastname@example.org