Australian market News

Viewpoint: Regulatory Proposals in Australia, Malaysia Reshape Reinsurance Strategies

The regulatory landscape in the Asia-Pacific region is rapidly evolving, influencing insurers’ risk management and capital adequacy. Australia and Malaysia are two examples of markets where recent regulatory developments are likely to influence the use of reinsurance, in particular. Regulators …

Australian Pension Fund Fined A$10.5 Million for Greenwashing

Australian pension fund Active Super has been fined A$10.5 million ($6.7 million) for making a number of misrepresentations about its environmental, social and governance credentials amid a regulator push to stamp out greenwashing. In June, the Federal Court found regulator …

Australia’s Prudential Watchdog Targets Longest-Serving Board Directors

Australia’s prudential regulator has long-serving board directors in its sights with a proposal to limit their terms to 10 years. The Australian Prudential Regulation Authority’s suggestion was one of several in a discussion paper released Thursday aimed at bolstering governance …

Gender Pay Gap Endures in Australia’s Financial and Insurance Sectors

Pay for women and men at firms in Australia’s financial and insurance services sector remains among the most unequal, according to government data that was expanded to include the salaries of more workers and a deeper analysis of wages. The …

Warnings, Fines Fail to Stop Insurers and Banks From Overcharging Australian Clients

Last week the Federal Court fined Australia’s biggest superannuation company, AustralianSuper, A$27 million for overcharging customers. The company had breached its legal obligations under the Superannuation Industry (Supervision) Act 1993 by failing to identify and merge the duplicate accounts of …

Allianz, IAG Said to Mull Bids for Top Western Australia Insurer

Insurance firms Allianz SE and Insurance Australia Group Ltd. are among parties considering bidding for Western Australia’s top insurer, according to people familiar with the matter. Allianz and IAG are mulling the offers for the insurance arm of The Royal …

Australia’s Top Female Executives Make US$103,000 Less Than Men

Australia’s top female business chiefs are earning A$158,632 ($103,340) less per year than their male counterparts, according to the Workplace Gender Equality Agency, with the overall pay disparity between men and women nationally sitting at 21.8%. Including executive salaries in …

Markets/Coverages: IQUW Launches Financial Institutions Product in Australia

IQUW, the London-based property and specialty re/insurer, has announced that its financial institutions (FI) product, FortiFI, has launched new wording for the Australian insurance market. Launched in the US earlier this year, FortiFI is one of the only fully end-to-end …

Arthur J. Gallagher & Co. Acquires Australia’s Via Financial Group

Arthur J. Gallagher & Co., the Rolling Meadows, Illinois-headquartered broker, announced the acquisition of Australia’s Via Financial Group Pty Ltd. Terms of the transaction were not disclosed. Based in Sydney, New South Wales, Via Financial Group provides financial planning, wealth …

Ardonagh Completes A$2.3B Acquisition of Australia’s PSC Insurance Group

The Ardonagh Group, the London-based independent insurance distribution platform, announced it has completed the A$2.3 billion (US$1.6 billion) acquisition of PSC Insurance Group Ltd. The completion of the acquisition in the APAC region sees PSC’s operations in Australia and New …