The Australian Government established a terrorism insurance scheme to minimise the wider economic impacts that flowed from the withdrawal of terrorism insurance in the wake of the terrorist attacks in the United States of America on 11 September 2001. Australia’s terrorism insurance scheme commenced on 1 July 2003.
The Treasurer released a report on the Terrorism Insurance Act 2003 (the Act) in October 2009. The report meets the statutory requirement that a review is completed every three years. The report reviews the need for the Act to continue operating and recommends refinements to the scheme established under the Act. The Australian Government has agreed to all of the report's recommendations.