On 2 July 2021, the Government announced the commencement of the 2021 review of the Terrorism Insurance Act 2003.
A consultation paper sought stakeholder views on issues outlined in the Terms of Reference, which were:
- whether there continues to be market failure in the private sector supply of terrorism insurance, and consequently whether there is a need for the Act to continue;
- whether the governance, administration and resourcing of the scheme remain appropriate, including interactions between the Cyclone Reinsurance Pool and the Terrorism Reinsurance Pool; and
- whether the risk of cyber terrorism causing physical property damage should be included in the scheme
On 10 December the Government released the 2021 Review, which recommends that the Act remain in force and that the scheme remain in place.
News and media
- 2021 Triennial Review of the Terrorism Insurance Act 2003 - Michael Sukkar, 2 July 2021