Latest Australia Headlines
All the headlines from our Australia Topic Page, ordered by recency.
Australian Prime Minister Asks Regulator to Prosecute Bankers for Financial Misdeeds
Oct 1 2018 // Australian Prime Minister Scott Morrison said on Sunday it was up to the country’s financial regulator to prosecute bankers following the release of a scathing report which found some institutions had pursued profit...
Australia’s Financial Institutions Put Profit over Customers, Mis-Sold Insurance: Inquiry
Sep 28 2018 // Australia’s big banks and wealth managers pursued profit ahead of their customers’ interests and saw regulatory compliance as a cost rather than a guide to proper conduct, a scathing interim report from a...
Allianz Under Fire by Australian Commission for Travel Insurance Sales
Sep 17 2018 // An Australian unit of German insurer Allianz SE sold travel insurance that misleadingly promised unlimited emergency medical cover wherever people were even though the policies had limits on both cost and location, a...
Australia’s Financial Services Probe Highlights Need for Corporate Ethical Training
Sep 5 2018 // When Nick Wailes started as the head of Australia’s top-ranked business graduate school in February, he already had the idea of offering a course to address a shortfall of training in ethical leadership. A few weeks...
Litigation Financing Emerges as Alternative Asset Class for Wealthy Investors
Aug 29 2018 // When shares of AMP Ltd. plunged earlier this year after the firm was engulfed in a fee-for-no-service scandal, the Australian wealth manager was hit within weeks by the first of five separate class action lawsuits. It...
Australia Bans China’s Huawei from Supplying Mobile Equipment, Citing Hacking Risks
Aug 23 2018 // Australia has banned Chinese telecoms firm Huawei Technologies Co Ltd. from supplying equipment for a 5G mobile network, citing risks of foreign interference and hacking which Beijing dismissed as an “excuse”...
Australia’s QBE Reports 4% Rise in H1 Profit – on Fewer Natural Disasters
Aug 16 2018 // Australia’s QBE Insurance Group Ltd. posted a better-than-expected 4 percent rise in first-half profit, helped by fewer natural disasters in its biggest markets, sending its shares up almost 9 percent to their...
StarStone Launches Casualty Consortium for Australia, New Zealand Markets
Aug 15 2018 // StarStone, the global specialty insurer, has launched a casualty consortium targeted at the Australian and New Zealand markets. The consortium is led by StarStone’s Mark Hunt and has begun underwriting...
Global Commercial Insurance Prices Rise for 3rd Consecutive Quarter: Marsh
Aug 10 2018 // Global commercial insurance prices rose in the second quarter of 2018, marking the third consecutive quarter of increases, according to Marsh’s “Global Insurance Market Index.” These average increases...
RMS Strengthens Asia-Pacific Capabilities in Version 18 of Modeling Software
Jul 17 2018 // RMS, the Newark, Calif.-based risk modeling and analytics firm, announced it has strengthened the Asia Pacific capabilities of its Version 18 catastrophe risk management software. The Asia Pacific model suit is being...
Broker BMS Taps Gluszkiewicz from InterRISK as Director of Australian Operations
Jul 13 2018 // BMS Group Ltd., the independent specialist insurance and reinsurance broker, announced that Danny Gluszkiewicz is joining the growing BMS Australia team as a director of the Australian operations, effective August...
Facebook in Australia Faces Potential Class Action Suit over Data Privacy Breaches
Jul 10 2018 // Litigation funder IMF Bentham Ltd is preparing to potentially sue social media giant Facebook Inc in Australia over its sharing of users’ data with political consultancy Cambridge Analytica. The world’s largest...
Arthur J. Gallagher & Co. Acquires Australia Broker Milne Alexander
Jul 9 2018 // Arthur J. Gallagher & Co. announced the acquisition of Milne Alexander, with offices in Sydney, New South Wales and Port Lincoln, South Australia. Terms of the transaction were not disclosed. Founded in 1973, Milne...
Australia’s Scandal-Ridden CBA Overhauls Business, Eyes Sale of Insurance Arm
Jun 25 2018 // Commonwealth Bank of Australia said it would hive off its wealth management and mortgage broking businesses, and explore whether to divest its general insurance arm, as it narrows its focus down to traditional...
GFG Alliance Eyes Australia Insurance, Banking for Expansion
May 17 2018 // Tycoon Sanjeev Gupta’s GFG Alliance is planning an expansion of its financial services business outside of Europe, targeting opportunities to provide lending and insurance to mid-sized businesses. “All...
Australia Looks to Heavy Fines to Punish Financial Services Wrongdoing
Apr 23 2018 // Australia’s competition watchdog on Monday supported massive increases in financial penalties for companies caught doing the wrong thing, after widespread misconduct was exposed by an ongoing inquiry into the...
Tokio Marine Kiln Forms Strategic Agreement with Australian Insurtech Firm Evari
Apr 20 2018 // Tokio Marine Kiln (TMK), the specialist and corporate insurance business, announced it has formed a strategic agreement with Australian insurtech firm Evari. The agreement will allow TMK to access Evari’s digital...
Insurance Australia Group Plans to Sell Troubled SE Asian Businesses: Sources
Apr 20 2018 // Insurance Australia Group is set to sell its four Southeast Asian businesses in deals that could be valued at about $500 million, under a review of its Asian operations, three people with knowledge of the matter said. IAG,...
QBE’s Revamped Executive Team Includes Singh as CFO, Swiss Re’s Grewal as CRO
Apr 12 2018 // QBE Insurance Group Ltd. announced a reshaping of the senior management team with the appointments of Inder Singh as group chief financial officer, replacing Michael Ford who is leaving QBE; Peter Grewal as group chief...
PERILS Issues Updated Industry Exposure Database for Australia, Europe & Turkey
Apr 11 2018 // PERILS AG, the independent Zurich-based company that provides industry-wide catastrophe insurance data, has released a 2018 update of its Industry Exposure Database (IED). The updated country IEDs have again been produced...
