Australian market News

Marsh Promotes Leney to Risk Management Leader for Asia and Pacific Regions

Marsh, the insurance broker and risk adviser, announced the appointment of Scott Leney as risk management leader for both its Asia and Pacific regions. In his new role, Leney will oversee Marsh’s regional risk management teams as they build on …

Australia to Spend $1.2B to Beef Up Private Sector’s Cyber Defenses After Rise in Attacks

Australia will spend A$1.66 billion ($1.19 billion) over the next 10 years to strengthen the cyber defenses of companies and households after a rise in cyber attacks, Prime Minister Scott Morrison said on Thursday. Cyber attacks on businesses and households …

AIR Worldwide Releases Updated Earthquake Model for Australia

Catastrophe risk modeling firm AIR Worldwide (AIR) announced the release of its updated Earthquake Model for Australia. These updates were prompted by findings in the National Seismic Hazard Model from Geoscience Australia (GA), which challenged established conceptions of Australia’s seismic …

Australia to Spend Nearly $1 Billion on Cyber Security During Next Decade

SYDNEY – Australia will spend A$1.35 billion ($926.1 million) over the next 10 years to boost its cyber security defenses, Prime Minister Scott Morrison said on Tuesday, as Canberra seeks to combat a wave of attacks. The announcement comes just …

Arthur J. Gallagher & Co. Acquires Australia’s CA Insurance Brokers

Arthur J. Gallagher & Co., the Rolling Meadows, Ill.-based broker, announced the acquisition of CA Insurance Brokers in Australia. Terms of the transaction were not disclosed. Founded in 2002 by Andrew Howard, CA Insurance Brokers is a mid-market insurance broker …

Australia’s 4 Summer Natural Disasters Cost Insurers More Than US$3.44 Billion

The cost of insurance claims from four natural catastrophes during Australia’s 2019-2020 summer has passed A$5.19 billion (US$3.44 billion), said the Insurance Council of Australia (ICA). Thousands of new claims and property loss assessments have pushed total claims to more …

Severe Storm Batters Coast of West Australia

Tens of thousands of homes and businesses lost power, buildings were battered and trees were uprooted as a vast stretch of the west Australian coast was whipped by a severe storm on Monday for the second straight day. No casualties …

Australia Clamps Down on Litigation Funders Following Surge in Class Action Lawsuits

The Australian government is tightening regulatory scrutiny of wealthy litigation funders, clamping down on the industry following a surge in costly class action lawsuits. Treasurer Josh Frydenberg said on Friday that litigation funders will be required to hold an Australian …

Australia Regulator Urges Insurers, Banks to Defer Dividends Amid Coronavirus Crisis

Australia’s prudential regulator on Tuesday asked banks and insurers to consider deferring dividend payouts or use buffers like dividend reinvestment plans until the impact of the coronavirus pandemic is better known. But the Australian Prudential Regulation Authority (APRA) stopped short …

BHSI Launches Professional Technology Liability Cover in Australia, New Zealand

Berkshire Hathaway Specialty Insurance (BHSI) announced that it has launched Professional First Technology Liability Insurance policies in Australia and New Zealand. Both policies offer broad, customizable professional liability protection for the full scope of services provided by technology and tech-related …