Latest Australia Headlines
All the headlines from our Australia Topic Page, ordered by recency.
Tropical Cyclone Lua Hits Northwest Coast of Australia as Cat 4 Storm
Mar 19 2012 // Following earlier predictions, tropical cyclone Lua came ashore on Australia’s northwest coast, the “Pilbara” coast, as a strong category 4 storm; i.e. wind speeds from 130 to 156 mph – 209 to 251 km/h....
IAG to Restructure CGU Operations; 600 Jobs to Go
Mar 9 2012 // Insurance Australia Group Limited (IAG) announced that it is restructuring its “operating model” for its Australia Intermediated business, CGU. The changes are aimed at generating “annual cost savings of...
HSBC Sells General Insurance Business to AXA, QBE for $914 Million
Mar 7 2012 // HSBC has agreed to sell its general insurance businesses to French insurer AXA Group and Australia’s QBE Insurance Group for $914 million in cash, as Europe’s biggest bank moves ahead with its plan to divest...
Alabama Judge Acquits Man in Australia Honeymoon Death
Feb 27 2012 // A judge on Thursday acquitted a man accused of drowning his newlywed wife during a honeymoon diving trip to Australia eight years ago, saying in an unusual ruling that prosecutors did not prove the man intentionally killed...
Insurance Called Motive in Alabama Trial Over Bride Drowning in Australia
Feb 16 2012 // An Alabama man drowned his new bride during a dive on Australia’s Great Barrier Reef in hopes of collecting $210,000 in insurance benefits and belongings that included her diamond engagement ring, a prosecutor told...
Australia Evacuates Flooded Towns; Coal Mines Close
Feb 3 2012 // Heavy rains shut four coal mines in eastern Australia on Friday as military helicopters evacuated stranded residents from inundated towns, and authorities warned of further flash flooding. More than 11,000 people in...
New Global Risks Create Need for Expanded Directors & Officers Liability Program
Jan 23 2012 // The risk of lawsuits against senior executives has long been a major concern for businesses in the United States. But in the last few years it has become a much more serious global exposure as well. The international legal...
2012 Off to Bad Weather Start for P/C Insurers
Jan 13 2012 // A tree lays in a yard after a possible tornado roared through Icard, N.C,. on Wednesday, Jan. 11, 2012.Damaging hailstorms in Australia. Unprecedented tornadoes in the southeastern United States. Constant windstorms in...
Australia’s QBE Slashes 2011 Forecast; Shares Dive
Jan 12 2012 // Australia’s QBE Insurance Group said on Thursday its 2011 net profit would fall by as much as 50 percent after record catastrophe claims and it would cut its final dividend, sending its shares down as much as a...
Australia’s QBE Insurance Shares Halted; Balboa Concerns Cited
Jan 12 2012 // Shares in QBE Insurance Group, Australia’s top insurer, were placed in a trading halt on Thursday ahead of the release of its preliminary 2011 results and amid concerns about an investigation into over-charging...
Cyclone Heidi Shuts Australian Iron Ore Ports, Oil Fields
Jan 11 2012 // A tropical cyclone bearing down on Western Australia forced the closure of some of the world’s largest iron ore ports and several offshore oil fields on Wednesday, the first major series of shutdowns in what is...
AXIS Appoints Smith CEO, Country Manager of Australian Operations
Jan 6 2012 // Bermuda-based AXIS Capital Holdings Limited announced that it has appointed David Smith as CEO and Country Manager of Australian Operations. He is based in Sydney and reports to Mark Gregory, CEO International Division,...
Australia’s Suncorp Updates Melbourne Storm, NZ Quake Loss Estimates
Jan 6 2012 // Australia’s Suncorp Group Limited’s preliminary estimates of the financial impacts of the recent Melbourne hailstorm and Christchurch earthquake are between A$200 and A$250 million [US$204.9 to US$256.1...
IAG Updates Claims Estimates for Victoria Storms, NZ Quakes
Jan 5 2012 // The Insurance Australia Group has advised that its Australia Direct and CGU businesses have, “received approximately 20,000 claims following the hailstorms and related severe weather which occurred in Victoria around...
IAG Finalizes $4.86 Billion Reinsurance Program for 2012
Jan 4 2012 // Insurance Australia Group Limited announced that it has finalized its catastrophe reinsurance program for the period commencing January 1, 2012 with up to A$4.7 billion [US$4.86 billion] in coverage, compared to A$4.1...
Guy Carpenter Analyzes 2011 Catastrophes; $108 Billion in Losses
Dec 30 2011 // Reinsurance broker Guy Carpenter has examined the past year’s natural catastrophes, which it describes as “an unusually eventful year for the (re)insurance sector.” In addition to the ongoing financial...
Melbourne Storms Declared ‘Catastrophe;’ Full Year Insured Losses = $4.5 Billion
Dec 29 2011 // A series of violent storms struck Australia’s second largest city, Melbourne on Christmas Day, causing wide spread damage to buildings and infrastructure. Insurer QBE said the country’s insurers have already...
Insurers Worry 2012 Will Top 2011 for Record Weather Disasters
Dec 28 2011 // From floods that crippled countries, to mega cyclones, huge blizzards, killer tornadoes to famine-inducing droughts, 2011 has been another record-breaker for bad weather. While it is too early to predict what 2012 will be...
Insurance Australia Group to Acquire New Zealand Insurer AMI
Dec 16 2011 // Insurance Australia Group Limited (IAG) announced it had entered into an agreement to purchase the AMI insurance business for NZ$380 million (approximately A$288 million [US$287.96 million), enhancing its position as New...
Ironshore Australia Launches M&A Product Suite
Nov 23 2011 // Ironshore Australia has established a merger and acquisition suite of products that will be available throughout the Asia Pacific region. The package will include coverage for buyers, sellers, taxes and environmental...
