Latest Australia Headlines
All the headlines from our Australia Topic Page, ordered by recency.
Greensill Creditors OK Australian Liquidation; Further Investigations Expected
Apr 26 2021 // Creditors of Greensill Capital Pty, the Australian parent of the collapsed British supply chain financier, voted on Thursday to liquidate the company, its administrator said, triggering deeper investigations into the...
Cyclone Seroja Damages Towns in Western Australia with Strongest Winds in 50 Years
Apr 14 2021 // PERTH, Australia (AP) – A destructive cyclone has damaged several towns on Australia’s western coast, shattering windows, snapping trees and knocking out power. There have been no reports of serious...
Australia’s Regulator Weighs Limits on Life Insurers’ Exposure to Offshore Reinsurance
Apr 8 2021 // Australia’s insurance regulator on Thursday proposed to limit the exposure of life insurers to offshore reinsurers, given its lack of oversight of foreign players. The Australian Prudential Regulation Authority...
Sustainable Investment Group Questions Liberty Mutual over Australia Coal Mine Plan
Apr 8 2021 // MELBOURNE – UNPRI, a United Nations-backed network that promotes sustainable investment, is reviewing the status of Liberty Mutual as a signatory after receiving a complaint that the U.S. insurer is backing a coal...
Australia’s Floods to Hit Insurers’ Earnings, Put Upward Pressure on Reinsurance Rates
Mar 31 2021 // Insured losses from Australia’s March floods are expected to hit general (or property/casualty) insurers’ underwriting margins and earnings in 2021, while putting more upward pressure on reinsurance rates,...
Gender Pay Gap in Australia Is Worst in Insurance and Finance Industries: Study
Mar 26 2021 // Australia is losing momentum in efforts to bring equality to the workforce, with a new study finding that it will probably take another 26 years until women are paid the same as men. The gender pay gap is worst in finance...
Insurance Council of Australia Declares Catastrophe for Parts of New South Wales
Mar 22 2021 // The Insurance Council of Australia (ICA) has declared a Catastrophe for large parts of New South Wales, a state in southeast Australia, following the devastating storms and flooding of the last few days. The ICA’s...
Australia Battered by Worst Flooding in 60 Years
Mar 22 2021 // PITT TOWN, Australia — Australia was set on Monday to evacuate thousands more people from suburbs in Sydney’s west, battered by the worst flooding in 60 years, with torrential rains expected to continue for...
Specialist MGA CFC Acquires Australian Cyber Security Firm, Insane Technologies
Mar 17 2021 // CFC, a specialist managing general agent, announced it has acquired Insane Technologies, an Australian cyber security and incident response provider. Financial details of the transaction were not disclosed. The deal is...
Tokio Marine Examines Validity of Greensill Insurance Policies Provided by Australia Unit
Mar 10 2021 // TOKYO – Japanese insurer Tokio Marine Holdings Inc. said on Wednesday it is investigating the validity of insurance policies provided by its Australian unit to speciality finance firm Greensill. Greensill filed for...
Chubb Names Kelaher as Country President for Australia and New Zealand
Mar 9 2021 // Chubb announced it has appointed Peter Kelaher as country president for Australia and New Zealand. In his new role, Kelaher, who is currently senior vice president and head of Property and Casualty (P/C) for Australia and...
Australia’s Largest P/C Insurer Says It Has No Net Exposure to Greensill Capital
Mar 9 2021 // Insurance Australia Group, the country’s largest general [P/C] insurer, said on Tuesday it had no net exposure to supply chain finance firm Greensill Capital, helping its shares recover from a sharp 10% drop...
Beazley’s CEO Horton to Become Group CEO of QBE Insurance in Australia
Mar 3 2021 // Beazley Chief Executive Officer Andrew Horton is leaving to become the group chief executive officer of QBE Insurance Group Ltd. in Australia, the two companies announced. Horton will be succeeded in the role by Adrian...
Lloyd’s Insurer Brit to Stop Insuring Australia’s Adani Coal Mine
Feb 23 2021 // Major Lloyd’s of London insurer Brit will not insure Adani Enterprises’ Carmichael thermal coal mine, it said on Tuesday, adding to a growing list of Lloyd’s insurers who have made similar...
Australia Regulator Raises Antitrust Concerns over $30B Aon-Willis Towers Watson Deal
Feb 18 2021 // Australia’s competition regulator on Thursday raised initial concerns over Aon’s $30 billion bid for Willis Towers Watson to create the world’s largest insurance broker, close on the heels of a similar...
Australian Insurers Declare Catastrophe for Perth Hills Bushfires
Feb 5 2021 // The Insurance Council of Australia (ICA) has declared a catastrophe for the Perth Hills bushfires which continue to burn north-east of Perth. Insurers have received more than 270 claims and estimated loss value is over...
Australian Securities Regulator Suffers Cyber Security Breach
Jan 25 2021 // Australia’s securities regulator said on Monday there was a cyber security breach at a server it used to transfer files including credit license applications where some information may have been viewed. The...
Final Insured Losses for Australian Bushfires of 2019/2020 Estimated at A$1.866B
Jan 6 2021 // Insured losses for the Australian bushfires of 2019/2020 rose to A$1.866 billion (US$1.441 billion), according to estimates issued by PERILS, the independent Zurich-based organization that provides industry-wide...
Allianz to Buy General Insurance Business of Australia’s Westpac for $534M
Dec 2 2020 // Allianz announced it has agreed to purchase the general insurance business of Westpac Banking Corp., the Australian banking group for a deal worth A$725 million (US$534 million). It will also enter into a new 20-year...
BMS Names Madell as Director in New Financial Lines Division
Nov 23 2020 // BMS Group, the independent specialist re/insurance broker, announced the appointment of Chris Madell as director in BMS’ new Financial Lines division, effective immediately. Madell will be based in London, reporting...
