Australia has refreshed the board of its government-backed terrorism and cyclone reinsurance body. Two new members with backgrounds in insurance and finance join as the pools face a statutory review of their long-term effectiveness.
The Australian Government named Kent Griffin and Robert McLean as part-time members of the Australian Reinsurance Pool Corporation (ARPC) board, effective until July 2028. Chair Julie-Anne Schafer was reappointed until July 2030, along with part-time members Eilis Hurley, Fran Raymond, and Greg Nucifora. Evelyn Horton was reappointed until July 2028, and Guy Thorburn continues as part-time observer until the same date.
Griffin has served as a director and co-chair of the Council of Australian Life Insurers. He held chief executive and chief financial officer roles at MLC Insurance and TAL and is currently a director of Hume Bank. Griffin is a Chartered Enterprise Risk Actuary, a Fellow of the Institute of Australian Actuaries, and an Australian Institute of Company Directors (AICD) graduate.
McLean brings more than 20 years of insurance experience to the role. He currently serves as general manager and head of finance for the National Injury Insurance Agency Queensland and the Motor Accident Insurance Commission Queensland. McLean is a member of the Institute of Chartered Accountants Australia and New Zealand.
The appointments come as the ARPC manages the aftermath of one of its busiest cyclone seasons. ARPC put a preliminary cost of approximately AU$267 million on the 2025–26 season, with nine events reaching the declaration threshold. Most storms tracked away from densely populated areas. Losses remained within expectations.
The terrorism pool has also undergone change. ARPC completed its 2026 terrorism retrocession programme with US$2 billion in cover and a US$500 million deductible.
Parliament passed the Criminal Code Amendment (State Sponsors of Terrorism) Bill 2025. That legislation brought the terrorism pool’s definition of a terrorist act into line with the Crimes Act 1914.
The terrorism pool carries a total capacity of approximately US$14 billion to respond to declared terrorism events, sitting above ARPC’s net assets and backed by a A$10 billion Australian government guarantee.
The cyclone pool now reinsures approximately 3.2 million properties. Cumulative claim payments to cedant insurers have surpassed AU$1 billion since the pool launched in July 2022. The Australian Competition and Consumer Commission found average home and contents premiums in medium-to-high cyclone risk areas fell 11% since the pool’s inception.
The board changes coincide with a statutory review of the Terrorism and Cyclone Insurance Act 2003, commissioned by Assistant Treasurer Daniel Mulino and opened in late 2025. The review is a requirement under the Act itself, which mandates periodic assessments of the pools’ effectiveness, governance, and operational frameworks.
