Insurers support Treasurer Jim Chalmers' decision to designate the Bondi attack a Declared Terrorism Incident (DTI) under the Terrorism Insurance Act 2003.
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.
The TRP is operated by the Australian Reinsurance Pool Corporation (the ARPC).
The Insurance Council of Australia (ICA) has also today declared the Bondi attack a Significant Event.
This will prioritise insurer support for those making claims and enable claims data to be collected and tracked.
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