Australian market News

Australia Weighs Capping Fees for Litigation Funders, Lawyers as Class Actions Surge

SYDNEY – Australia is considering capping fees for litigation funders and lawyers, and guaranteeing a minimum rate of return for plaintiffs, in its latest clamp down on the industry following a surge in costly class action lawsuits. Australia’s government last …

Australia’s Regulator Weighs Limits on Life Insurers’ Exposure to Offshore Reinsurance

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 (APRA) said it was starting a consultation period that would end …

Allianz to Buy General Insurance Business of Australia’s Westpac for $534M

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 exclusive agreement for the distribution …

BMS Appoints Massis as Chairman of Australian Affinity Business

BMS Group, the London-based independent specialist re/insurance broker, announced the appointment of Cris Massis as chairman of BMS’s Australian affinity business, effective Nov. 1 and based in Melbourne. Massis adds significant association leadership and member value expertise to BMS Australia’s …

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 …