The Insurance industry has announced support for Australia's Treasurer Jim Chalmers’ decision to designate the Bondi attack a Declared Terrorism Incident (DTI) under the Terrorism Insurance Act 2003. The declaration provides certainty around the way relevant insurance policies will respond, helping ensure that businesses affected by the attack can access the coverage available to them under Australia’s terrorism insurance arrangements. The Insurance Council of Australia (ICA) has also today declared the Bondi attack a Significant Event.
“Our thoughts first and foremost are with Australia’s Jewish Community in this time of great mourning for the victims of Sunday’s horrendous attack,” said ICA CEO Andrew Hall in a statement.
The Treasurer’s declaration activates the Terrorism Reinsurance Pool (TRP) and overrides terrorism exclusion clauses in eligible insurance contracts, meaning businesses will be able to claim any damages arising from Sunday’s devastating attack in line with their policy terms and conditions.
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For insurers and brokers, the declaration confirms that eligible terrorism-related losses from this incident are backed by the national reinsurance scheme, allowing insurers to assess and pay claims with clarity around their reinsurance protections, and enabling brokers to give their clients clear guidance on what cover applies, how exclusions are treated, and what steps policyholders should take to access support.
The TRP is operated by the Australian Reinsurance Pool Corporation (the ARPC). Today's declarations by the Treasurer and ICA will prioritise insurer support for those making claims and enable claims data to be collected and tracked. The ICA statement said impacted businesses are encouraged to get in touch with their insurer or broker to understand what they may be able to claim for.
“The industry is committed to supporting those Bondi businesses impacted through the recovery ahead,” said Hall.
