Australia News

Australia Class Action Filed Against Toyota, Honda & Mazda over Faulty Air Bags

A Sydney lawyer announced on Tuesday a class action lawsuit against Toyota, Honda and Mazda seeking refunds for cars fitted with faulty air bags from Takata that have been linked to 18 deaths around the world. Lawyer Damian Scattini said …

Australia Watchdog Examines if Recalled Air Bags Were Replaced by Faulty Devices

Australia’s consumer watchdog said on Monday it was urgently seeking information from the government regulator and car manufacturers after a magazine reported that recalled Takata air bags were being replaced by faulty air bags. Australian consumer magazine Choice discovered car …

Insured Loss Estimates for Cyclone Debbie Rise to US$1.1B: PERILS

The estimate for the property insurance market’s loss for tropical cyclone Debbie has risen to A$1.4 billion (US$1.1 billion) from an initial estimate of A$1.12 billion, according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. Cyclone …

Sompo Develops Nat Cat Model for NW Australia Offshore Oil & Gas Installations

Sompo Japan Nipponkoa Insurance Inc. (SJNKI) and Sompo Canopius AG are launching a natural catastrophe risk model for north-west Australia offshore oil and gas installations. The model development was carried out by Sompo Risk Management & Health Care Inc., which …

Australia’s Cyclone Debbie Estimated to Cost Insurers US$825.7M: PERILS

The initial estimate of insured property market losses for Cyclone Debbie is A$1.12 billion (US$825.7 million), according to PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data. Tropical Cyclone Debbie caused significant wind and flood damage across the Australian …

Zurich Buys Australia’s Largest Travel Insurer, Cover-More, for US$551M

Zurich Insurance Group has successfully acquired Cover-More Group Ltd., a leading travel insurance and assistance solutions provider based in Sydney with a strong market position in Australia, India and the U.S. This transaction is an important milestone for Zurich as …

Insurers to Pay an Estimated $1.3B for Cyclone Debbie: Swiss Re

Cyclone Debbie cost Swiss Re an estimated $350 million and the insurance industry roughly $1.3 billion, the world’s second-biggest reinsurer said on Thursday, an unusually high loss that could see reinsurance prices rise in Australia. Cyclone Debbie, a Category 4 …

Australia Floods in Wake of Cyclone Debbie Kill 4, Disrupt Mining

Damage to rail lines in cyclone-hit northeast Australia is set to disrupt exports of the steel-making material from the world’s largest coking coal region, underpinning prices and raising the prospect of major producers declaring force majeure. The extent of the …

Australia Consumer Watchdog Sues VW’s Audi Unit over Emissions Scandal

The Australian consumer watchdog said on Wednesday it was suing the local Audi unit of Volkswagen AG for intentionally selling more than 12,000 vehicles with software which lied about levels of toxic emissions. This follows a separate suit that the …

Gallagher Buys Australia’s Ace IRM Insurance Broking Group

Itasca, Ill.-based Arthur J. Gallagher & Co. announced the acquisition of Ace IRM Insurance Broking Group, located in Beenleigh, Queensland, Australia. The terms of the transaction were not disclosed. Founded in 1981, Ace IRM Insurance Broking Group (Ace IRM) is …